PZU Signs Up to Use Tractable AI

Tractable

PZU – the oldest and largest insurer in Poland – will use AI developed by Tractable, which develops technology for accident and disaster recovery, to assess damage to a vehicle when it is first reported by the policyholder. Just like a human would, the AI analyzes images submitted through the policyholder’s smartphone, and quickly assesses the damage and calculates the repair costs, usually without the need for human intervention. 

Those results can then be communicated by the claim handler to the policyholder within minutes, allowing customers to make quick decisions on how to take forward their claim. Policyholders will have the option of accepting a cash settlement for the damage, meaning a claim can be resolved in minutes – instead of the days it could otherwise take to complete.

PZU has worked with Tractable since 2017 and already uses Tractable’s AI to accelerate how quickly it can check how bodyshops are carrying out motor repairs, and has already processed several hundred thousand claims using its current artificial intelligence-based tools, with a total value of several billion PLN.

However, this is the first time that PZU will use Tractable’s AI Estimating solution at first notice of loss (FNOL) to provide accelerated repair estimates and cash settlement. PZU expects to apply the AI to tens of thousands of Polish insurance claims every year, making this one of the largest deployments of AI in the repair ecosystem to date, anywhere in the world. 

Grzegorz Goluch, Managing Director of PZU Claims and Benefits, said: “This solution helps our customers when they need it the most, i.e. at the moment of damage. The implemented tool is another step in the digitalization of the communication claims handling process. Thanks to the use of artificial intelligence in claims handling, we can meet our customers’ expectations at the highest level. Digital processes in the claims handling process ensure fast and precise valuation and immediate payment of compensation.” 

Aleksander Surowiak, Tractable Business Development Director for Central and Eastern Europe, said: “This is a breakthrough moment for our technology globally, as PZU – one of Europe’s largest and most prestigious financial institutions – will use our AI to accelerate thousands upon thousands of real claims. That means our technology will have a material impact, every day, on how quickly Polish insurance claims can be resolved – helping those affected by accidents recover faster.”

Marcin Kurczab, Director  of PZU Innovation Lab, said: For many years, PZU has been focusing on cooperation with startups and is open to new partnerships. As part of the “PZU Ready for Startups” program, together with technology companies, PZU develops innovative projects that change the insurance world. Tractable is a startup that we started working with in 2017, and which today has grown to become a leading global AI company in insurance.”

Tractable’s AI uses deep learning for computer vision, in addition to machine learning techniques. The AI is trained with many millions of photographs of vehicle damage, and the algorithms learn from experience by analyzing a wide variety of different examples. Tractable’s technology can be applied globally to any vehicle.

The AI enables insurers to assess car damage, shares recommended repair operations, and guides the claims management process to ensure these are processed and settled as quickly as possible. 

About alastair walker 8713 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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