US-based data analytics provider Verisk is joining forces with applied artificial intelligence (AI) company Tractable to expand its insurance claims ecosystem.
Verisk plans to integrate with Tractable, which leverages computer vision technology to assess damage to homes visually.
The integration is anticipated to hasten home repairs and insurance claims processing.
Through a web-based application, policyholders can capture and submit images of damage using Tractable’s AI property solution.
The AI, which is trained using the database of claims and damaged property, identifies, classifies, and measures property damage.
Verisk’s Xactimate platform will then use the property assessment to generate automated estimates.
Verisk Property Estimating Solutions senior vice president Aaron Brunko said: “We strive to deliver technology-driven solutions that help insurers respond to their customers when it matters most—after a loss.
“Working with Tractable to bring end-to-end automation to property claims processing marks an industry turning point, especially as insurers seek solutions to improve the policyholder experience, reduce cycle times and optimize spending.
“And with more frequent and severe weather events affecting communities, leveraging AI to help accelerate recovery becomes even more timely and crucial.”
Tractable co-founder and CEO Alex Dalyac said: “When people experience property damage, the first—and often most time-consuming—step toward recovery is settling their insurance claim.
“Working with an industry authority such as Verisk helps us demonstrate the power of AI to solve real-world problems—like helping homeowners get back on their feet in their time of need.”
In June 2021, Tractable raised $60m in a Series D funding round led by Insight Partners and Georgian Partners.