Tractable announced Wednesday that No. 2 U.S. auto insurer GEICO would use Tractable’s AI Review photo estimating product to “within seconds” verify the caliber of existing sheets.
“GEICO customers know us for our speed and services information and value,” GEICO CEO Todd Combs said in a statement Wednesday. “Tractable's artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the highway faster.”
Unlike the Hartford, that is using Tractable’s photo estimating artificial intelligence to prepare estimates on the the leading end, GEICO is using its back-end solution AI Review. That product offers oversight on sheets already written by humans.
“An appraiser or repairer uploads an estimate and pictures for each claim that they can the insurer's claims management system,” Tractable writes of AI Review. “For any large insurer with thousands and thousands – if not millions – of claims each year, and each one traditionally taking approximately Half an hour to examine, it's impossible to manually review all of them.” Nevertheless its software “takes just moments to examine all of your estimates and spot any inefficiencies or errors.”
Tractable said hello couldn't discuss GEICO’s specific plans for that AI Review software. The Wall Street Journal reported Tuesday that the scope of GEICO’s deployment would come with checking collision repairers’ estimates. GEICO hasn't yet responded to a Thursday afternoon request more information.
Tractable estimates AI Review can cut eight days out of cycle times and discover “$80 additional variance … per claim because of AI consistency.”
Tractable said nearly all estimates processed through AI Review are found to be fine and “processed with no human involvement whatsoever, but complex cases or individuals with potential inaccuracies are flagged for follow-up by human experts.” It said 70 percent of claims typically could be reviewed without getting an individual.
“We are honored to be chosen by GEICO, one of America's largest insurers,” Tractable CEO Alex Dalyac said in a statement. “We're committed to accelerating accident recovery with AI. Through this partnership, our AI can make a positive difference to countless lives.”
In other Tractable news, the company recently announced that France’s largest insurer, Covéa, has expanded Tractable software to its thousands of network body shops.
“t will assess auto claims from its three insurance brands in real-time, as well as on a national scale,” Tractable wrote in a news release April 22.
“By accelerating decisions and making the procedure more effective, the AI makes it possible to analyse claims in minutes, rather than a couple of days. It will likewise ensure bodyshops stick to the most suitable and safe repair methods, and permit experts to concentrate their attention on more complicated tasks.”
Tractable President Adrien Cohen described the process as a way to approve repairers’ decisions with AI quickly rather than waiting for an individual adjuster.
Tractable also recently heralded major Polish insurer Warta’s 2021 deployment of AI Review across all claims handled by its network of retailers.
“Now, 100% of Warta's network claims are visually checked through the AI, allowing cases without anomalies to become immediately approved, towards the benefit of repairers,” Tractable wrote. “Meanwhile, claims with anomalies are flagged to engineers along with all the details and photos required to resolve them – helping Warta review each claim as much as Three times faster.”
Warta project manager Jakub Polnik said Tractable allowed it to “make certain every claim has been repaired according to the damage and technology provided by the car producer. As a result, we have a much greater oversight of each and every facet of our repair network, ensuring we are providing the best possible service for our customers.”
