Sara Assicurazioni has become the first Italian insurance firm to leverage AI to enhance vehicle damage assessments and estimates, thanks to a deal with InsurTech100 company Tractable.
The partnership sees Sara Assicurazioni, which is the official insurer of the Automobile Club d’Italia, leverage Tractable’s AI to assess the condition of a car after an accident, all through a smartphone device.
Its AI technology can assess the extent of damage and generate an estimates of actions to be taken, including operations and repair, painting and finishing cost. This is achieved within minutes and without the need of manual intervention.
Tractable co-founder and president Adrien Cohen said, “Our mission is to make a positive difference in people’s lives, through the power of AI. This partnership with Sara Insurance means our technology will now be live in Italy, making an immediate difference for Italian drivers and ensuring that Sara customers can recover as quickly as possible from accidents, with the help of Tractable.”
The InsurTech’s AI has been trained on millions of auto accident photographs and its algorithms learn from experience through different examples.
Sara Assicurazioni general manager Alberto Tosti said, “This AI is a cutting-edge service that makes Sara Assicurazioni a pioneer in Italy of a new way of handling car claims, thanks to technology that helps optimise our procedures, for the benefit of our policyholders.
“We are very pleased with our partnership with Tractable. This innovation is part of the digital transformation path that we have strongly undertaken since 2017, always paying particular attention to the continuous improvement of the agent and customer experience.”
Tractable has made a number of partnerships this year. The company recently inked a deal with LKQ North America, a provider of alternative vehicle parts. This deal sees LKQ leverage Tractable’s AI to accelerate and optimise the recycling of the salvage vehicles the company procures across their North America operations.
Earlier in the year, Tractable also became the UK’s first computer vision-oriented startup to hit unicorn status. It achieved this milestone after it closed a $60m funding round led by Insight Partners.
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