May 21, 2022
  • May 21, 2022

Tractable uses Unicorn Power to get started in property insurance

By on June 21, 2021 0

  • Tractable has raised $ 60 million to extend its AI damage assessment solution to property claims.

The US-based, AI-powered insurtech has raised a $ 60 million Series D round of funding, valuing it at $ 1 billion, through TechCrunch. Tractable’s AI solution uses computer vision technology to assess photos of damage to vehicles rather than relying on human assessments, which both increases the accuracy of damage estimates and streamlines the journey of damage. customer complaints.

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Tractable has gained ground over the years, and recent partnerships bear witness to its growth. Insurtech works with more than 20 of the world’s top 100 auto insurers, and its sales have grown 600% in the past two years.

He recently partnered with major insurers. Tractable will now analyze damage to cars through Covea three brands (MAAF, MMA and GMF), and Geico uses Tractable to expedite claims settlements and digitize vehicle damage assessment for the 28 million vehicles it insures in the United States. Insurers’ demand could increase further to counter the stagnant

car insurance

satisfaction, which is based on The factors like the claims.

Insurtech is digging deeper into property insurance, which is in desperate need of digitalization, and its existing partners could help its solution stand out.

  • Visual inspections for property damage are rare, but technology could make them more common. Tractable will use some of the new capital to further assess the property damage, according to TechCrunch. Insurers alone visually inspect between 10% and 20% of their portfolios, and they rely on manual inspections, which have an error rate of 30% to 35%. AI-based assessments have 90% accuracy of detection functionality and require fewer resources.
  • Other insurtechs operate in the space, but Tractable has cross-selling opportunities on its side. Float, which secured $ 60 million in November 2020, operates a platform that uses photos from smartphones to create a 3D image of homes that can then be used to assess repairs. And Property Damage Appraisers Inc. (PDA) spear a virtual assessment tool in 2020. But many existing Tractable partners, including Geico and Covéa, offer home insurance and could potentially extend Tractable’s solution to cover new segments. It would not be the first time that Tractable has strengthened existing partnerships; she has been working with Covea since 2016 for claims management.

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