Artificial Intelligence: Spanish Insurer Settles Auto Claims Using Tractable AI
Tractable’s AI creates a valuation of the damage and an offer of claim settlement.
Spanish insurer Admiral Seguros, which is a subsidiary of global insurer Admiral, has made it very easy for its customers to report and claim for vehicle damage. Admiral Seguros has deployed technology company Tractable’s AI solution to accurately assess vehicle damage. The insured person simply has to upload photos of the car crash via the web. The AI does the rest. (69 News WFMZ TV)
Tractable AI – the automated claims surveyor
Admiral Seguros can make immediate settlement of the claim using the AI, resolving it in moments. The AI performs a series of tasks that would have been performed by an advisor. Instead of the laborious and time-consuming actions performed by a human, the AI can complete a damage assessment in a few seconds.
If everything else is in order, based on the AI report, Admiral Seguros can proceed to make an offer of claim settlement to the insured.
How it works
Tractable AI applied machine learning to train algorithms through approximately 10 million photographs of vehicle damage. Based on this the AI uses computer vision and generates reports on the extent of vehicle damage. These include damage assessment and recommended repair procedure.
The AI also assists in claims management for expeditious processing and payment.
“By using our AI to offer immediate payments, Admiral Seguros will resolve many claims almost instantly, to the delight of its customers,” said Adrien Cohen, co-founder and president of Tractable. “This is central to our mission of using Artificial Intelligence to accelerate recovery, converting the process from weeks to minutes.”
The procedure would work very well in the current environment of contagion fears from the coronavirus. It eliminates the personal interaction between vehicle owners, claims surveyors, and repair shops.
According to the New York Times, insurers in Europe and Asia have used Tractable AI to pay off more than $1 billion in claims.
During COVID, insurance companies were forced to withdraw field surveyors. The use of AI-based and virtual assessment applications zoomed as a result.
Tractable’s AI may soon become more widely used in the U.S.
Tractable co-founder Alex Dalyac told the NYT: “In the next few quarters, there’s going to be an announcement of a very big American carrier — a household name — that’s going to be doing this.”
Related Story: Self-driving Vehicles – the Ace up Tesla’s Sleeve
Latest Alternative Investment News
Banks and mortgage brokers have to grapple with the hundreds of pages of paperwork for every home loan. Apart from being very time consuming, the highly manual process adds heavily…
Keir Ashman, pensions and investments specialist at Bancroft Wealth, points to the increasing demand for sustainable investments and says investors should be discerning in the choices if they want both…
Venture Capital: Apple Invites Applications From Black Founders and Developers For Its Entrepreneur Camp
In a notice on Monday, Apple (NASDAQ: AAPL) said applications were open from Black founders and developers for its Apple Entrepreneur Camp to be held online from February 16-25, 2021.
The Feminist Coalition Group is a group of Nigerian women working towards the aim of feminine equality in terms of rights, finances, and political and legislative power. The movement has…