Property and casualty insurer Tokio Marine is to use an artificial intelligence (AI) solution from Tractable to process auto damage across its operations in Japan.
Tractable, a technology firm that develops AI for accident and disaster recovery, uses computer vision to look at photos of car damage, enabling claims to be processed faster.
Tokio Marine plans to 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.
The company has worked with with Tractable since 2018, with the goal of improving appraisal operations with computer vision based assessments.
“In Japan, after an accident it can take 2-3 weeks to determine the amount that should be paid,” said Tokio Marine Group Deputy General Manager Hidenori Kobayashi.
“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, also commented: “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,” Dalyac added.
Tractable’s AI has processed over $1 billion in auto claims for insurers, including Ageas, Covéa, and Talanx-Warta.