American Family Insurance, one of the largest players in US property and casualty insurance, is partnering with Tractable to apply its artificial intelligence (AI) solutions.
Based in Madison, Wisconsin, American Family Insurance has been providing insurance products since 1927.
The partnership will see American Family Insurance Claims Services (AFICS) use Tractable as part of its claims subrogation settlement process.
Specifically, AFICS will apply Tractable’s AI Subro solution to its current inbound subrogation operations. The AI will review requests made by one insurance carrier to another with the goal of faster, easier, and more consistent alignment between parties.
Tractable’s AI-powered solutions process more than $2bn in vehicle repairs and purchases annually. The technology evaluates vehicle damage with photos sent via a web application. Its AI produces a damage assessment within seconds, often without the need for further review.
Tractable said the partnership demonstrates its industry-leading position in leveraging advanced technological solutions to create customer-driven experiences.
Chris Conti, chief claims officer at American Family, said, “We use technology to create efficiencies that result in our team members having more time and emotional bandwidth to be there for our customers like never before. Consolidating subrogation efforts is an important step toward reallocating our focus to creating better customer experiences.”
Alex Dalyac, co-founder and CEO of Tractable, added, “It’s an important milestone for us to partner with American Family, a Fortune 500 company regarded for its leadership in uncovering innovative and creative solutions for the industry. Working together, we combine the trust American Family has built as a leading P&C carrier with Tractable’s industry-leading AI, to demonstrate the real-time, commercial impact AI is having in insurance and beyond.”
Earlier this year, Beesafe, which is part of the Vienna Insurance Group, announced it will leverage Tractable’s AI technology to assess car damage and accelerate claim processes.
Copyright © 2022 FinTech Global
