Tractable Inks Deals with The Hartford, Mitchell
Tractable, a London-based insurtech that uses artificial intelligence to create damage estimates from photographs, has expanded its presence in the US property and casualty market with two deals announced this week.
Tractable has formed a partnership with Mitchell to use the San Diego-based claims administrator’s collision repair data in its platform. Tractable also announced that The Hartford has signed on with Tractable to analyze auto damage claims.
“Tractable’s AI acts as a human appraiser, using proprietary computer vision to examine photos of vehicle damage and return a list of part-level repair operations seconds after photos are submitted,” the company said in a press release.
Tractable said its technology can be used across the auto insurance claims journey, from first notice of loss (FNOL) to performing repairs, cutting multiple days and manual touchpoints from the accident recovery process. For the driver, the result is a simpler experience that instead of taking days or weeks can take minutes to complete on their phone, the company said.
Alex Dalyac, co-founder and chief executive officer of Tractable, said Mitchell is Mitchell’s collision repair data and industry expertise are known to be a reference in North America, as is its affiliate GT Motive in Europe.
“The Tractable-Mitchell band is here and ready to rock,” Dalyac said in a press release.
Olivier Baudoux, senior vice president of global product strategy and AI at Mitchell, said the collaboration will bring Tractable into Mitchell’s Intelligent Open Platform and combine Tractable’s artificial intelligence engine with Mitchell Intelligent Estimating.
Tractable said it has raised $55 million in venture funding since it was founded in 2015. The company says it has processed more than $1 billion in auto claims for the world’s top insurers, including Tokio Marine, the largest property and casualty insurer in Japan; Covea, the largest auto insurer in France; and Admiral, a leading insurer in Europe.
Charles Taylor Launches Investigations Arm
Charles Taylor, a global claims administrator headquartered in London, has launched Charles Taylor Specialist Investigation Services to help clients combat fraud, manage risks and reduce exposures.
The new division will be led by the recently appointed global head of fraud, Bobby Gracey.
“As the impact of Covid-19 is felt across the world, the conditions are there for an increase in both organized and opportunistic fraud,” Gracey said in a press release. “Charles Taylor has unrivaled expertise in claims across multiple markets and a leading technology arm underpinning this, which is a great combination for a new specialist counter fraud service.”
Charles Taylor SIS offers investigations on retainer or as a delegated authority. The company also offers a ‘white label’ solution. Its investigation services are provided to Charles Taylor’s insurer clients, the legal sector, third-party administrators and corporate multinationals.
The intelligence division also provides training and consultancy for clients on how best to identify fraud, manage risk and improve processes. It also provides fraud and cost containment workshops, along with strategic guidance planning.
Chubb Launches Absence Management Program
Chubb has launched a program that allows employers to track and manage workers’ compensation disability leave along with absences caused by Family Medical Leave Act, company-specific leaves; short-term disability; and accident, critical illness and hospital indemnity programs.
Chubb WorkInsight will enhance employee experience and promote better compliance and outcomes for employers, the Whitehouse Station, N.J.-based carrier said in a press release. The product is available through Chubb’s Workplace Benefits division.
WorkInsight gives employers comprehensive data and reports that enable them to make informed decisions that benefit both employee and employer.
Chubb said employers paid $510 million in 2019 as a result of complaints under the Employee Retirement Income Security Act. According to the Integrated Benefit Institute, more efficient absence oversight and management cab improve outcomes and compliance and deliver a return on investment by up to 15 percent, the carrier said.
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