Atos: AI speeds up claims process and boosts auto insurance industry
Atos, a global leader in digital transformation, has partnered with Tractable, which develops Artificial Intelligence to accelerate the auto claims process. Now, through Atos’ connections and infrastructure, Brazilian insurers will be able to use Tractable’s AI to accelerate all aspects of an auto insurance claim, helping return cars to drivers faster than ever before.
Globally, Tractable works with major insurers – including Tokio Marine, MS&AD, Ageas and Covéa – and its AI processes more than $2 billion in auto claims and vehicle purchases per year. Through the technology in First Notice of Loss (FNOL), insurers can complete insurance claims for policyholders in as little as 3 minutes, instead of weeks.
“Brazil’s automotive sector offers incredible opportunities for companies offering cutting-edge technology, and by partnering with Atos, the benefits of our market-leading AI will now be available nationwide. We look forward to working with Brazilian insurers, repairers, fleet owners and automakers to make their operations more efficient, helping them provide a better driver experience,” says Bruno Ferreira, CRO at Tractable.
After training with hundreds of millions of photographs of car accidents, the algorithms learn from the experience gained by analyzing a wide variety of different examples. Tractable’s AI can assess the extent of damage to a vehicle and generates an estimate of the actions to be taken – including operations and repair, paint, and refinishing costs – within minutes, often without the need for manual intervention. This allows not only insurers to speed up processes, but also workshops to increase productivity with the help of technology.
For Hemerson Mota, leader of the Insurance market at Atos, Brazil is working to revolutionize the financial and banking market through innovations such as Pix and Open-Finance (Open Banking and Open Insurance). In fact, one of the big trends for the coming years is Open Insurance, which aims to facilitate consumer access to insurance products and services. With the growth of digital transformation in the segment, some processes and stages of the claim, for example, which have existed for decades, may become more efficient, benefiting the entire chain involved: insurers, repair shops, and the consumer.
“We are very happy with this partnership. Besides the infrastructure solutions, we will help Tractable with issues related to local laws, such as LGPD. We will also act as an exclusive sales channel, offering services to partner insurers,” Mota points out. “Together, Atos and Tractable reinforce their presence in the Brazilian market with opportunities already identified to help the insurance segment grow through digital transformation, concludes the executive.
“This partnership reinforces our focus on offering business solutions, with technology, security and agility to support the digital transformation journey of our clients, which, in this case, benefits the entire chain involved in automotive claims,” adds Nelson Campelo, CEO of Atos.
Tractable’s solutions are already used by over 25 of the world’s leading insurers, in 14 countries, including Brazil, Spain, Portugal, Italy, the US and the UK.