InsurTech Tractable has enhanced its collaboration with Mitchell, an Enlyte company and leading technology and information provider for the property and casualty (P&C) insurance and collision repair industries.
Headquartered in San Diego, Mitchell International delivers smart technology solutions and services to the auto insurance, collision repair, disability and workers’ compensation markets.
This enhancement of the existing partnership will see straight-through processing in auto insurance claims made available, backed by Tractable’s AI and Mitchell’s digital platform, to US and Canadian insurers and repairers.
The integrated solutions are designed to enable outcomes such a low-touch auto insurance claims, speedy payments and claim settlement in minutes, to offer a faster and smoother customer experience.
In auto insurance, straight-through processing refers to touchless claims – i.e., those that take place mostly without manual intervention. For example, when a policyholder reports a simple auto claim to their insurer, AI can assess the damage and make repair suggestions. The insurer and repairer can retain a human in the loop, for example to sign off on estimates, or to check more complex claims
Tractable enabled the first touchless auto insurance claim in October 2020, and the technology is now in operation in the UK, Spain and Italy, but this is the first time that straight-through processing, enabled with Tractable’s AI, will become available to North American insurers and repairers.
Alex Dalyac, founder and CEO of Tractable, said,“Straight-through processing is the gold standard for providing a better customer experience for policyholders. With our AI software and Mitchell’s open platform and expertise, we can make straight-through processing a reality for US and Canadian drivers, auto insurers and repairers.”
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