Ageas’ use of Tractable’s AI solution can help in providing quick and accurate assessment of car damage, speeding claims process for policyholders
Ageas claims director Robin Challand (Credit: Ageas Insurance Limited.)
Belgian insurance company Ageas announced that it has partnered with Tractable, an artificial intelligence (AI) solutions developer, for end-to-end car damage assessments and estimates in the UK.
Tractable’s AI-based solution is said to help Ageas in performing some of the complex tasks that a human assessor carries out while evaluating vehicle damage.
By identifying the affected parts of the vehicle and the extent of the damage, the AI solution generates a full estimate including the repair, paint and blend operations along with the cost and labour hours.
In addition, the solution is also designed in such a way that it can accelerate the task involved in generating estimates.
The solution enables policyholders to receive decisions on the next steps from Ageas within minutes, after they submit photographs of an accident using a smartphone.
Ageas and Tractable conducted trials for AI solution in the UK last year
The Belgian insurer and Tractable conducted trials for the solutions in the UK, last year. Following the trials showed positive results, the companies now plan to scale the use of the technology to resolve thousands of auto claims every month.
Ageas claims director Robin Challand said: “At Ageas, we work to make insurance easy for our customers by delivering a best-in-class service. We look to digital innovation to help us deliver this.
“We realised that Tractable’s cutting-edge technology could make a real difference to our customers in the aftermath of an accident and by using Tractable’s AI we have improved our claims experience by supporting customers when they report claims and assisting our repairers in the early assessment of what’s required.”
Tractable’s AI-solution uses deep learning for computer vision and also include machine learning techniques. The solution is claimed to have been trained on several millions of photographs on car damages and the algorithms learn from experience in analysing a large variety of different examples.
The technology company’s AI offering is claimed to have processed over $1bn in auto claims for the world’s major insurers, including Covéa, an auto insurer in the French market, Tokio Marine in Japan, and Talanx-Warta in Poland.
Tractable co-founder Adrien Cohen said: “Ageas using Tractable’s AI to generate end-to-end estimates is a breakthrough for the insurance sector worldwide. By harnessing AI at the beginning of the claims process to assess damage and generate estimates, we accelerate every part of it, creating efficiencies for the insurer and greater clarity for the policy holder.
“With this partnership with Ageas, computer vision is today making a positive difference for people in the real world, by helping them recover from accidents faster.”