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November 30, 2020

Polish insurer PZU selects Tractable’s AI solution to analyse car damage

By Verdict Staff

Polish insurer PZU has selected British insurtech Tractable’s AI solution to improve its car insurance claims processing across Poland.

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  • Recent M&A activity in the motor insurance industry
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PZU manages almost 500,000 motor damage claims every year.

Prior to implementing AI, the insurer performed a review of approximately 20% of its motor claims that are handled by body shops.

Tractable’s AI is now claimed to enable PZU to check in detail almost all of the body shop claims it processes, in real time.

The solution identifies any anomalies that need to be checked by PZU’s experts. It also confirms that all repairs are implemented in compliance with procedures and standards defined by PZU.

PZU Innovation Lab director Marcin Kurczab, who is responsible for cooperation with start-ups, said: “At PZU, we strongly believe in cooperation with top insurtech startups to transform our business. I am pleased that together with Tractable, we have implemented innovative computer vision technology.

“Now, we are able to better control our cooperation with body shops and resolve any anomalies in a much more efficient way than ever before. We are pleased not only with the success of the project, but also with the fact that, as the first insurer in Poland, we have implemented this unique technology on such a scale in cooperation with a leading UK tech company.”

PZU, which is claimed to be the first Polish insurer to use AI to process its motor insurance claims, first tied up with Tractable in 2018.

Tractable co-founder and president Adrien Cohen said: “It’s been incredible to see how PZU, one of the most respected companies in Poland, has deployed our cutting-edge solution on a large scale.

“This proves PZU’s dedication to innovation and placing it amongst the most advanced insurers in the world. Our solution gives PZU control over 100% of its repairs and claims, all in real time, thanks to the speed and reach of AI.”

Earlier this year, Tokio Marine’ deployed AI auto damage assessment solution created by technology company Tractable into the claims process across Japan.

In February this year, Tractable secured $25m in Series C funding to further scale artificial intelligence (AI) technology for accident and disaster recovery.

Free Report
img

Gain valuable insight on the Motor Insurance industry outlook for Asia Pacific

Asia-Pacific was the fastest-growing region globally during the review period (2016-2020), recording growth at a CAGR of 2.7%. China was the market leader, accounting for 52.9% of the region’s motor insurance premiums in 2020. To help you make the most of this significant growth, GlobalData’s has put together a comprehensive overview of the Asia Pacific motor insurance industry, including market sizing and forecasts. Read ‘Motor Insurance Industry Outlook in Asia Pacific’ for:
  • Analysis of leading insurers in the region
  • Details on regulatory requirements, including licensing rules, capital requirements, taxation regimes, and ownership quotas
  • Analysis of the impact of COVID-19 on the industry
  • Insight into key trends, technology developments, and potential disruptors in the motor insurance industry
  • Recent M&A activity in the motor insurance industry
Improve your business strategy with our extensive report. Download it for free, now.
by GlobalData
Enter your details here to receive your free Report.

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