InsurTech100 company Tractable has deployed its AI tools into LKQ North America, a provider of alternative vehicle parts, as part of a new deal.
Tractable’s AI will enable LKQ North America to accelerate and optimise the recycling of the salvage vehicles the company procures across their North America operations.
The AI tool leverages computer vision to assess specific damage on a vehicle and determine which parts can be recycled and reused.
Tractable co-founder and CEO Alex Dalyac said, “Through this collaboration with LKQ North America, our technology is improving the value of parts recycling for the entire North American auto repair ecosystem. By finding reusable parts at scale and ensuring they are distributed more quickly, our technology is already having a positive impact on both the auto industry and the environment.”
The Tractable AI is enhanced through millions of historical examples and is capable of making human-level decisions, it claims.
LKQ vice president of North America supply Yogi Chain Shivdasani said, “We are excited to be the first recycled parts provider to apply AI to the effective and efficient procurement of salvage vehicles. Tractable’s AI has enhanced our expertise with identifying high quality parts on salvage vehicles and to make sure those parts can be recycled and reused. Tractable further assists LKQ in delivering the right parts, to the right place, and at the right time.”
Tractable recently became the first British computer vision-oriented startup to become a unicorn. The company reached this status after it closed a $60m funding round from Insight Partners, Georgian, Ignition Partners and Zetta Venture Partners.
The InsurTech has established a number of partnerships this year. It recently deployed its computer vision technology into GEICO, the second-largest auto insurer in the US. This agreement is helping GEICO accurately review estimates within seconds and lower administrative burdens.
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