InsurTech company Tractable has partnered with multinational insurance group Mapfre to apply AI solutions to auto claims.
Mapfre and Tractable have deployed a unique AI model that uses photographs, taken on a customer’s mobile phone, to carry out an end-to-end, automated appraisal on car claims with low-value damages.
After automatically reviewing the images, the system identifies the damaged areas and the severity of the damage, and subsequently determines the extent of vehicle repair that is required, which can range from touching up the paint to repairing or replacing certain parts.
Mapfre will apply Tractable’s AI to its auto claims, with the goal of helping its customers recover faster from minor auto damage. The solution, which will first be applied at Mapfre’s operations in Brazil, aims to accelerate how quickly it can return vehicles to customers after an accident by as much as two weeks.
This partnership follows Tractable’s release of an AI solution last year. The AI Inspection solution can assess a vehicle’s external condition and possible damage within minutes from a video recorded on a smartphone.
Tractable also recently partnered with US InsurTech company Root Insurance to implement Tractable’s AI solution to help it assess and respond to subrogation demands more accurately and efficiently.
Ahmed Hameed, VP Strategic Accounts at Tractable, said, “Mapfre has a worldwide presence and this innovative global partnership will lead to its customers receiving an even better experience through the power of our AI.
“Our collaboration has the potential to be a step change not only for the Brazilian market, but also further beyond, bringing real AI technology to where it can make an immediate difference – by accelerating response directly after an accident.”
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