Tokio Marine is the latest insurer to use Tractable's AI
Tokio Marine is to use Tractable's AI solution to process auto damage across its insurance operations in Japan, accelerating how quickly claims can be processed for policyholders.
The AI solution, uses computer vision to look at photos of car damage, making sense of it as a human would, in near-real time. Tokio Marine will use the AI to understand the full range of repair decisions available to it, including recommended repair, paint, and blend operations, as well as the labour hours required.
Using AI in this way can increase the speed of remotely reviewing claims from days to minutes, removing inefficiencies from the process, helping insurers and repairers to agree on repairs more quickly, getting customers back on the road faster. It's the first time that a major Japanese insurer has deployed an AI auto damage assessment solution into the claims process.
Japanese insurer Tokio Marine has worked with Tractable since 2018, with the ambition of improving appraisal operations that require complex visual assessments. After successful trials of the AI, Tokio Marine has been using Tractable's technology at one of its claim service centres from April 2020, with the potential to deploy it across the country.
Tokio Marine Group Deputy General Manager Hidenori Kobayashi said: "In Japan, after an accident it can take 2-3 weeks to determine the amount that should be paid. By using Tractable's world-leading AI to assess car damage, we expect to shorten that time considerably, cementing our position as a company proud to pioneer new technology that transforms the claims journey for our customers.
Alex Dalyac, co-founder and CEO, Tractable, said: "We are honoured to be selected as the AI partner by one of the world's largest insurers. We see this as testament to the quality of our technology, the maturity of our solution and 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."
Tractable's AI has processed over $1 billion in auto claims for the world's top insurers, including Ageas, one of the largest auto insurers in the UK, Covéa, the largest auto insurer in the French market, and Talanx-Warta, the second-largest auto insurer in Poland.
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