Tractable, an industry-leading applied AI firm is teaming with leading global data analytics provider, Verisk, to offer AI-powered estimates for property damage.
By integrating with Tractable, which uses computer vision technology to visually assess damages to homes, Verisk will be able to help accelerate insurance claims processing and home repairs.
Launched last year, Tractable’s AI property solution allows policyholders to take and submit photos of damage through a web-based app. The AI then quickly identifies, classifies and measures the property damage, enabling automated estimates to be generated on Verisk’s Xactimate platform.
Verisk’s Xactimate solution is a leading property claims estimating platform for P&C insurers. The solution is also part of one of the largest claims ecosystems within the industry.
Through the capabilities of Tractable’s AI, insurers that use Xactimate can access reliable property estimates, which therefore will help cut the time to settle a property claim from months to as little as a single day. Saving this amount of time will certainly make this solution a game-changer within the P&C industry.
“We strive to deliver technology-driven solutions that help insurers respond to their customers when it matters most—after a loss,” said Aaron Brunko, senior vice president at Verisk Property Estimating Solutions.
“Working with Tractable to bring end-to-end automation to property claims processing marks an industry turning point, especially as insurers seek solutions to improve the policyholder experience, reduce cycle times and optimize spending. And with more frequent and severe weather events affecting communities, leveraging AI to help accelerate recovery becomes even more timely and crucial.”
“When people experience property damage, the first—and often most time-consuming—step toward recovery is settling their insurance claim,” said Alex Dalyac, co-founder and CEO of Tractable.
“Working with an industry authority such as Verisk helps us demonstrate the power of AI to solve real-world problems—like helping homeowners get back on their feet in their time of need.”
Meanwhile, Verisk recently completed the sale of its energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion.
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