In the case of a car incident, Tractable combines driver-uploaded images with its machine learning capabilities to determine whether each part of the vehicle should be repaired or replaced, along with a predicted cost, and a ‘confidence score’ out of 100. This leads to greater speed and accuracy in FNOL, reduces fraud and improves the customer experience.
The company works with leading insurers in more than 10 countries across Europe, North America and Asia, including Tokio Marine in Japan, Ageas in the UK, Covéa in France, The Hartford in the US and Talanx-Warta in Poland. It also works with NGOs and governments to manage the fallout from natural catastrophes. The total value of settled claims involving Tractable is over €1.8bn per year. In September 2021 the company launched a new app-based product, AI Inspection, for insurers and adjusters, which can assess the external condition of a car in the time it takes to walk around the vehicle.
Tractable inked three partnerships in January this year. Following its work helping homeowners in the typhoon season in Japan, it launched a new AI solution for property to rapidly assess damage from wind, hail and hurricanes. It also partnered with
MAPFRE to launch an automated appraisal solution for vehicle damage — reducing vehicle repair time for the insurer’s Brazil-based customers by up to two weeks — and became a strategic AI partner with Root Insurance to help streamline its claims operations.
In March PZU, one of the largest financial institutions in Central and Eastern Europe, adopted Tractable for car damage assessment, and the next month it partnered with Aviva to support its claims resolution. The company also integrated their service onto the Duck Creek platform, and launched a new German subsidiary. and in July partnered with American Family Insurance to enhance its claims subrogation settlement process. Tractable has raised $119.9m over eight rounds, the latest being $60m, led by Georgian and Insight Partners in Series D in June 2021, which gained the company unicorn status. At the time the company said it had grown revenues 600% in the previous two years.