UK insurer Ageas will start using artificial intelligence to create end-to-end assessments and estimates of vehicle damage during a claims process.
The move comes thanks to a partnership with Tractable, an InsurTech that develops AI for accident and disaster recovery and has $55 million in venture capital financing so far. Tractable said it has other global customers including French auto insurer Covea, Japan’s Tokio Marine and Talanx-Warta, Poland’s second-largest auto insurer.
Ageas and Tractable said they tested the technology in 2019 and now plan to scale it up to resolve thousands of claims each month. Ageas is one of the largest general insurers in the UK, and it provides coverage to about five million customers, according to the technology announcement.
Tractable’s AI uses deep learning for computer vision, along with machine learning techniques. The AI is trained on many millions of photos of car damage, and the algorithms learn from experience by analyzing a large variety of different examples. The AI allows insurers to evaluate the damage to a vehicle, based on photos provided by repairers, appraisers or policyholders. Via a platform, Tractable’s AI shares damage estimates and guides the claim process to ensure each claim is processed and settled as quickly as possible.