Tag: Tractable

Innovation in the insurance industry is not just important, it is essential. A more dynamic market has meant insurers are venturing into non-traditional sectors as well as looking for more advanced ways of serving existing markets. The industry must ramp up its innovation efforts if it is to tackle increasingly threatening risks, such as climate events and cyber-attacks.

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.

There were 12 million car accidents in the US in 2019, according to data from Statista. Each of these comes with an insurance claim, but these processes are too long and inefficient.

Businesses must act now to adapt to the challenges of today and unlock greater growth potential, without sacrificing the health of the planet. Applied AI technologies could be paramount in achieving this.

It has been said AI is not a silver bullet to all the insurance industry’s shortcomings. So, what’s all the chatter about? Where is it best suited, and what (if any) are its limits?

The insurance industry has paid lip service to AI and machine learning for some time. However, adoption has been underwhelming. As firms come under intense pressure to meet changing customer demands, could this instigate more rapid AI adoption?

Beesafe, which is part of the Vienna Insurance Group, with leverage Tractable’s AI technology to assess car damage and accelerate claim processes.

InsurTech unicorn Tractable has established a German subsidiary to expand its businesses in the country.

Customers have raised the bar on the level of service they expect from their insurance provider. Faced with the industry’s historic reputation of working against the customer, insurers and InsurTechs must raise their customer experience game if they are to come out on top.

InsurTech Tractable has signed an agreement with UK-based insurer Aviva, to improve the accuracy and efficiency of UK motor claims by using artificial intelligence (AI).