(Image source: Tractable website.)
Tractable (London/New York), a provider of artificial intelligence-powered solutions for accident and disaster recovery, has announced a new partnership with Mitchell, the San Diego-based provider of technology, connectivity and information solutions to the property/casualty claims and collision repair industries. The partnership will allow North American automotive insurers to produce collision repair estimates automatically from photos, according to a Tractable statement.
The partnership between Tractable and Mitchell reflects growing demand within the insurance industry to modernize and streamline the stubbornly long, overly complicated, costly and customer unfriendly auto claims process, opines Stephen Applebaum. Managing Partner, Insurance Solutions Group (Chicago). “The North American P&C industry has lagged so many other countries in leveraging digital images, artificial intelligence, computer vision and machine learning to materially transform the auto claims damage assessment and settlement process, lower costs and delight policyholders in what was a previously painful and protracted experience,” Applebaum comments. “We expect rapid North American carrier adoption, beginning with the more tech-forward insurers.”
Tractable describes its artificial intelligence (AI) as acting as a human appraiser, using proprietary computer vision to examine photos of vehicle damage and return a list of part-level repair operations seconds after photos are submitted. When combined with Mitchell’s collision repair data, the result is a repair estimate that can be produced in seconds from anyone’s smartphone and which a repairer can start to work from and upon which claims can be settled.
By employing this technology across the auto insurance claims journey–from understanding damage at first notice of loss (FNOL) to performing repairs–multiple days and manual touchpoints can be cut out from the accident recovery process, according to the Tractable statement. For the driver, the result is a simpler experience that instead of taking days or weeks can take minutes to complete on their phone, the vendor says.
Accelerating Accident Recovery
“We’re excited to combine our solutions to accelerate accident recovery,” comments Alex Dalyac, co-founder and CEO, Tractable. “Mitchell’s collision repair data and industry expertise are known to be a reference in North America, as is their affiliate GT Motive [London] in Europe. Insurers now have access to a solution that is best of breed on both AI and repair estimatics. The Tractable-Mitchell band is here and ready to rock.”