InsurTech Tractable is expanding its operations in Brazil following partnerships with Mapfre and Atos in the region.
The company has opened an office in Sao Paulo to act as its Latin American headquarters, and hired country manager, Vinicius Franklin, to spearhead its efforts in the region.
Following the release of its AI solution, Tractable partnered with multinational insurance group Mapfre earlier this month to apply AI solutions to auto claims. The two companies are deploying 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.
Tractable said this partnership with the largest insurer in Spain and Latin America, will mean its AI will be accelerating real Brazilian accidents and helping drivers recover their livelihoods faster.
The InsurTech has also agreed to team up with Atos, a “global leader in digital transformation”, to bring its AI solutions to insurers via Atos’s connection and infrastructure. The partnership, Tractable said, potentially opens doors to Brazilian insurers, repairers, fleet owners and automakers nationwide, leading to more efficient operations and a better customer experience.
Tractable explained that following it successful scaling up beyond its European origins to working with “some of the largest insurers around the world” from the US to Japan, “it’s the right time to enter Latin America.”
“Brazil is obviously a very attractive market. Not only is the economy growing quickly, but Brazilians love their cars – and, therefore, it’s a country where our AI, which accelerates accident recovery, can make a tangible difference very quickly,” the company said.
This expansion comes at a time where the adoption of AI is taking off in insurance. FinTech Global recently spoke to Jimmy Spears, head of automotive at Tractable, who predicted that the use of AI, particularly when it comes to implementing a touchless claims process, will grow in 2022 and beyond.
“One of the most significant transformations AI offers to the insurance industry is the ability to execute touchless claims, or claims that are entirely processed through AI, and despite little attention, this automation is happening right now,” he said.
“With major insurers realising its benefits – timelines cut from weeks to seconds, spared resources so experts can focus on complex cases and overall happier customers who settle faster – we’ll only keep hearing about touchless claims and it won’t be long before it becomes an industry standard.”
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