(Image source: Tractable AI homepage.)
Verisk (Jersey City, N.J.), a global analytics provider, has announced that it is expanding its claims ecosystem by partnering with Tractable, a London-based developer of artificial intelligence (AI) solutions for accident and disaster recovery. By integrating with Tractable, which uses computer vision technology to visually assess damage to homes, Verisk will be able to significantly help accelerate insurance claims processing and home repairs, according to a Tractable statement.
Launched last year, Tractable’s AI property solution allows policyholders to take and submit photos of damage through a mobile-friendly, web-based app, according to the vendor. The AI, trained on a large database of claims and damaged property, then quickly identifies, classifies and measures the property damage, enabling automated estimates to be generated on Verisk’s Xactimate platform, Tractable says.
The vendor says that, with Tractable’s AI, insurers that use Xactimate can access reliable property estimates and help cut the time to settle a property claim from months to as little as one day.
“We strive to deliver technology-driven solutions that help insurers respond to their customers when it matters most—after a loss,” comments Aaron Brunko, SVP, Verisk Property Estimating Solutions. “Working with Tractable to bring end-to-end automation to property claims processing marks an industry turning point, especially as insurers seek solutions to improve the policyholder experience, reduce cycle times and optimize spending. And with more frequent and severe weather events affecting communities, leveraging AI to help accelerate recovery becomes even more timely and crucial.”
Power of AI to Solve Real-World Problems
“When people experience property damage, the first—and often most time-consuming—step toward recovery is settling their insurance claim,” says Alex Dalyac, co-founder and CEO, Tractable. “Working with an industry authority such as Verisk helps us demonstrate the power of AI to solve real-world problems—like helping homeowners get back on their feet in their time of need.”
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