We’re not here to disrupt insurance – we’re here to disrupt how parts of claims processing works.
Imagine a world in which machines can “see” and process claims – quickly and accurately – in nearly real time, using computer vision powered by the vast trove of resident data and experience in today’s P&C insurers. That world, according to Tractable CEO Alex Dalyac, is not around the corner, but very much here and now. And not as a function of the IT department or a shiny beta experiment, but embedded vertically into key business processes to address core problems facing today’s P&C claims departments.
Developments in machine learning and computer vision have finally reached the point where they can deliver real value: making operations more scalable, lowering their loss adjustment expense (LAE), and their indemnity costs, and Tractable is one of many examples of where insurtech offers a step-change for key business processes. Why now? Computer vision has matched — and in some cases exceeded – human vision, which is important, because, as Dalyac notes, P&C insurance depends upon visual tasks. This match makes for exciting opportunities: “The lovely thing about AI is that it scales – as long as they have the data we can process hundreds of thousands of claims,” according to Dalyac.
This advance puts computer vision squarely among a core group of technologies that are changing the face of the insurance sector: computer vision, conversational AI, sensors, blockchain, robotics and drones, and genomics.
Take a look at our latest video. Oliver Wyman’s Farooq Sheikh talks computer vision with Alex Dalyac on the floor of InsureTech Connect 2017.