InsurTech unicorn Tractable has established a German subsidiary to expand its businesses in the country.
As part of this, the company has named Mario Vierschilling as its new head of automotive DACH for its German subsidiary. Prior to this, Vierschilling served as manager bank & insurance business at used car data provider Carfax.
The InsurTech team will further expand its team in Germany to support its customers.
Tractable CEO Alex Dalyac said, “Germany is the third-largest insurance market in the world in the area of non-life insurance, and an economic heavyweight within the EU, thanks to which Tractable has been able to grow so quickly.
“We therefore decided to create a solid foundation for our growth in this very important market for us by establishing our German subsidiary and building a German team.”
In its announcement, Tractable stated that while insurance companies in European countries have been early adopters of AI in the digitalisation of their claims management, German insurers have lagged behind.
It stated, “It has almost become a national sport for German insurance customers to find the best insurance rate for their vehicle every year using numerous comparison portals.” Due to this, customers are with direct insurers, direct subsidiaries and online offshoots of the major insurance groups.
Tractable helps insurers accelerate their claims management processes and make them more efficient so they can be more competitive.
Its technology aids the evaluation and settlement of insurance claims by analysing photos and videos of vehicle damage in real-time. With this it builds an assessment of the damage, including needed repair measures and their costs.
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