Tractable

insurtechartificial intelligence/machine learningclaims

FOUNDING YEAR: 2014
LOCATION: United Kingdom
Last Update: 17/12/2018

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About

Tractable develops artificial intelligence for accident and disaster recovery. We are on a journey to help the world recover faster from accidents and disasters that affect hundreds of millions of lives, from car accidents and burst piping, to full-scale floods and hurricanes. Accident and disaster recovery starts with visual damage appraisal: assess the damage, calculate the cost, unlock the funds and rebuild. However, the first stage of assessing the problem can take days to weeks. Our belief is that when accidents and disasters hit, the response could be 10 times faster, thanks to AI. We are starting with motor damage. 100 million car claims happen every year globally. Our AI assesses damage to any car, whether in Europe, North America or Asia, and we work with the world's leading insurers in over 10 countries across the world, including Tokio Marine in Japan, Ageas in the UK, Cova in France, and Talanx-Warta in Poland. Founded in 2014, Tractable has a world-class research and development team with over 30 years of combined research experience, and its solution is built on five years of dedicated research and development work undertaken by a team of Oxford/Cambridge-trained researchers. Tractable has raised $55m from Georgian Partners, Insight Partners and other top-tier investors, and the company is based in London, with offices in New York City and Tokyo.

MEDICI Analysis

Tractable’s offers AI-based preventative maintenance assessments for vehicles. It reviews the submission, assesses the cost, and provides the final assessment to the customer. It also offers AI-powered disaster management solutions that enables users to respond in case of natural calamities like flood, fires, hurricanes, etc.

Focus

PRODUCTS & SERVICES

It leverages artificial intelligence to help insurance carriers to improve their vehicle collision insurance claim process. It further utilizes computer vision technology to assess the accident damages and help the repair professionals to provide an repair estimate and upload pictures of damages to the claim management system. Additionally, the company has developed a medical imagery platform for radiology diagnoses., by flagging and prioritizing high-risk scans and delivering them to the doctors for review.

MAIN CLIENTS

Businesses

EXISTING PARTNERSHIPS

Ageas

COMMENT

The company aims is to improve the vehicle collision insurance claim process by deploying computer vision technology to assess accident damages. With its technology, auto repair professionals upload an estimate and pictures of damages to a claims management system. Additionally, the company developed a medical imagery platform to increase the speed and accuracy of radiology diagnoses. (July 2018)

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