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15 Oct 2021

How Tractable’s AI Estimating improves the claims experience

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The faster an insurance claim is resolved, the more satisfied the customer. AI can make it happen a lot faster.

When people submit an insurance claim, they need to know what to expect and what arrangements they need to make for the repair itself and a rental car. Not knowing increases their anxiety. In fact, one of the things insurance customers complain about the most is delays on claims. With Tractable’s AI Estimating, it’s possible to virtually eliminate delays on claims and deliver a much better customer experience.

Jimmy Spears, MAL, MSPM, AIC, AAM, AIS, has written about the transformative potential AI brings to the insurance industry: “In my 30 years of experience in the industry, I have seen several great advances in claims processing, but nothing as exciting as AI.”

How Tractable’s AI works

See the video here:

From FNOL through to settlement, the insurance cycle involves many steps and parties that often leave your customer in periods of uncertainty. With AI Estimating, the customer is empowered to start the process and get answers right away.

Right after the accident, the insured uploads photos via Tractable’s white-labeled smartphone app. That allows the claims process to begin immediately on any model vehicle in any country.

AI Estimating reviews the photos and produces an estimate to repair the vehicle in line with the insurers’ policies. Whereas traditional claims take days, AI-powered claims can be completed in just minutes.

The claims journey is accelerated at every step to come to settlement much faster. Insurance customers benefit from peace of mind as they enjoy an accelerated process and enhanced transparency that keeps them in the loop.

How Tractable integrates into your claims environment 

Cloud-based and API-friendly, AI Estimating integrates easily with your existing tech systems and workflows. That’s an important feature for efficient operations. As Spears explained:

“The ability to integrate this technology with your existing tech stack and processes will enable each system to ‘speak’ to each other and give a greater picture of your claims operations. Examples of open claims platforms include Mitchell, Guidewire and Duck Creek.”

The results 

AI Estimating increases straight-through processing, expediting cycle times as much as 10x and reducing associated costs for the business. For customers, that translates into a much smoother experience that enhances brand loyalty and strengthens long-term retention.

 

Further reading:

Three key takeaways on claims automation

Touchless auto claims: the industry verdict

The AI subrogation solution 

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