The Hartford takes Tractable AI to accelerate auto claims
The Hartford has partnered with artificial intelligence (AI) company Tractable to assess damage for its auto insurance claims.
Tractable uses computer vision to assess photos of car damage with a view to accelerating the claims process for customers.
The InsurTech is led by CEO and founder Alex Dalyac and has secured $55mn of funding, following its most recent $25mn fundraise in February last year. It was founded in 2015.
Other partners include Ageas, Admiral, Covea and Tokio Marine.
The Hartford is a major auto insurer. In the third quarter, favorable trends in auto claims frequency helped push down the carrier’s combined ratio though, as with other auto insurers, premiums in the segment fell amid the pandemic.
Dalyac said: “We see this as a testament to the quality of our technology, the maturity of our solution and the trust in our people.
“Computer vision is accelerating accident recovery; the technology is here, it’s on the ground and it’s making a difference.”