Global property and casualty insurer, MS&AD Insurance Group Holdings, is deploying Tractable’s Artificial Intelligence (AI) in Japan via both Mitsui Sumitomo Insurance (MSI) and Aioi Nissay Dowa Insurance (ADI).
MS&AD is set to use AI to accelerate how it processes auto claims in an effort to speed up recovery for its policyholders.
The AI solutions, created by technology company Tractable, use computer vision to analyse photos of car damage – making sense of it as a human would – in near-real time.
MS&AD will deploy the AI across both of its subsidiaries, where it will be used across hundreds of thousands of auto claims a year, accelerating how quickly each is processed by as much as two weeks per claim.
These deployments signify wide-scale, mass adoption of AI across MS&AD’s operations, and mean that vehicles will be returned to policyholders in Japan more quickly than previously possible.
In auto insurance claims, time is frequently lost scheduling visual appraisals of the damage, which may occur multiple times throughout the claim.
By capturing images with AI and converting them into instant appraisals, Tractable will allow the insurer and repairer to move claims forward immediately, pressing forward the process by as much as two weeks.
So far, Tractable’s AI has processed over $1 billion in auto claims for global insurers in the likes of Ageas UK, Covéa, and Talanx-Warta.
Keiji Goto, GM for Technical Support, Claims Division at MSI, said: “By applying Tractable’s market-leading AI, we will be able to solve long-standing challenges to the claims cycle, such as how to accelerate supervisor approval of work carried out by our appraisers. We’re excited by the standard of the AI and its capacity to help us make better, faster decisions for our customers.”
Tadashi Yamanaka,Staff GM, Claims Administration Department at ADI, said: “Tractable’s AI will change how insurance claims are processed. As a result, drivers across Japan will see a faster response time to their claims, proving ADI’s commitment to delivering the best possible service.”
Alex Dalyac, co-founder and CEO, Tractable, said: “It’s inspiring that one of the world’s leading insurers is making a bold move into the future with Tractable. By deploying our AI across Japan, MS&AD will enable its policyholders to benefit immediately from cutting-edge technology that shortens the claims cycle by weeks.”