Japanese property and casualty insurer MS&AD has teamed up with technology firm Tractable to accelerate its auto claim process in a bid to enable faster recovery for the policyholders.
The insurer will leverage Tractable’s AI solutions, which utilises computer vision to analyse photos of car damage in near-real time.
It is said to have been trained on photos and human repair decisions on millions of historical accidents.
MS&AD subsidiaries, Mitsui Sumitomo Insurance (MSI) and Aioi Nissay Dowa Insurance (ADI), will use these AI solutions to process auto claims and cut the time taken for each claim to two weeks.
The insurer expects to save as much as 360,000 hours of time each year for its adjusters by using the new AI solution.
MSI general manager of technical support, Claims Division, Keiji Goto 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.”
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ADI staff GM claims administration department Tadashi Yamanaka added: “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.”
In addition to Japan, MS&AD has footprint across over 40 countries. The company also maintains foreign auto operations in Asia, the Americas and Europe through its subsidiaries MSI and ADI.
Tractable co-founder and CEO Alex Dalyac 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.”
Several insurers, including Ageas UK, Covéa, and Talanx-Warta use Tractable’s AI solution to process their auto claims.
Earlier this year, Tokio Marine deployed Tractable’s solution into the claims process across Japan.