InsurTech100 company Tractable has teamed up with Mitchell to help North American automotive insurers produce collision repair estimates automatically from photos.
Mitchell builds smart technology and solutions to improve the auto insurance, collision repair, disability and workers’ compensation markets.
The Tractable AI serves as a human appraiser, assessing photos of vehicle damage through computer vision to offer part-level repair information within seconds. Its AI has been trained on photos and human repair decisions across millions of historical accidents.
By combining the platform with Mitchell’s collision repair data, the repairer can start work quicker on the vehicle and accelerate the claim settlement.
The combined solution has the capacity to reduce the claims journey, from understanding damage through to repairs, by multiple days.
Alex Dalyac co-founder and CEO Tractable said, “We’re excited to combine our solutions to accelerate accident recovery. Mitchell’s collision repair data and industry expertise are known to be a reference in North America, as are their affiliate’s GT Motive 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.”
Mitchell senior vice president of global product strategy and AI Olivier Baudoux said, “By collaborating with Tractable, bringing them into our Mitchell Intelligent Open Platform, and combining Tractable’s AI engine with Mitchell Intelligent Estimating, customers can access an advanced, turnkey solution.”
Tractable has made a number of partnerships over the past year. Last year, it signed a deal with Japanese insurance giant MS&AD to help accelerate its auto claims processes.
This is the second deal signed with a Japanese insurer in 2020, with the InsurTech also working with Tokio Marine. Through the deal, Tokio Marine is using the AI tools to improve its claims capabilities.
Copyright © 2021 FinTech Global