Oliver Wyman’s Farooq Sheikh connected with Alex Dalyac, the CEO of Tractable on helping customers to recover quicker from auto accidents and natural disasters.
Tractable, based out of the UK, is simplifying and automating the accident and disaster recovery claims process. From road accidents to hurricanes and floods, the company uses its artificial intelligence (AI) technologies to quickly look at the disaster damages and predict the repair costs.
The company works with insurers to assess the damage, enable efficient repairs and accelerate settlement. Tractable’s AI takes a visual appraisal of the damage from smart phones apps, drones and satellites with the goal of helping companies and communities recover faster and more efficiently. As soon as the data is processed, instant appraisals can be produced, helping customers to recover quicker from auto accidents and natural disasters.
Alex says the company’s large data set, which is comprised of hundreds of millions of photos and vehicles that have been damaged, combined with Tractable’s machine learning research team is a value add for customers.
10 of the top 40 global auto insurers have signed on with Tractable, says Alex. For this young InsurTech, he says it took a lot of passion and persistence at the start, which has paid off and now the results are speaking for itself. By working with the company, customers are able to reduce the amount of fraud, waste and abuse, which Alex says could equate to 1.5% reduction in the average auto repair cost across the book.
So, what’s next on the horizon for Tractable…The company is looking to increase its automation claims processing capabilities and continue to build more efficient processes for consumers. Tractable will also be turning its attention to property and causality appraisals, especially in the wake of increasing natural disasters.