Artificial intelligence that can estimate vehicle repair costs within seconds just by analysing an image has the power to revolutionise claims handling, developers said.
AI start-up Tractable has developed new technology that has the power to do what a claims handler would do, in a fraction of the time and with more consistency.
The service connects with back office systems of insurers to streamline claims management processes, and can also identify potentially fraudulent claims for further investigation.
The company has already completed phase one of trials with a major UK insurer.
However, Alex Dalyac, CEO of Tractable told Post that the service wasn't designed to replace humans.
"The AI has the capability to bring a higher volume of cases to insurers, meaning that there will still be a demand for humans," he said.
"AI won't cut jobs, it will transform them."
He added the company's recent partnership with US service provider, Mitchell International, has bolstered the learning capabilities of the start-up's AI technology.
"Mitchell delivers the service needed to assess repairs and they act as a portal between the bodyshops and insurers in the US," said Dalyac.
"With them, we were able to collect 200 million images of damaged vehicles in the US and this is important to the UK as the same images can be used by the AI to recognise the same damages to vehicle here. UK insurers are facing increasing pressure to reduce claims costs right now while improving customer outcomes and our technology can help them achieve this."
Tractable has taken on Greg Gladwell, former CEO of Crawford, as an advisor and investor, as well as scoring major investment from others.
"In 2015 we had the largest seed funding round in Europe.The technology that we have developed attracted investment from the former chief financial officer of Microsoft and the former chief operating officer of Facebook," said Dalyac.
"We seek advice from experts from the insurance industry, like Greg Gladwell, because this technology is so new to them but has the ability to transform the space.
"We're also working on a new funding round and are certain there will be some big names from the UK market taking part."
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