Tractable teams up with Verisk to offer AI-powered estimates for property damage

Rhea-AI Summary

On February 6, 2023, Verisk (Nasdaq: VRSK) announced a collaboration with Tractable to enhance property damage assessment through AI technology. This integration allows Verisk's Xactimate platform to automate property claims processing, reducing settlement time from months to as little as one day. By utilizing Tractable's AI, insurers can efficiently identify and measure property damage via a user-friendly mobile app. This partnership aims to improve the claims experience amidst increasing weather-related damage, providing a timely solution for insurers and policyholders alike.

Positive

• Collaboration with Tractable enhances Verisk's claims processing capabilities.
• Integration reduces settlement time for property claims from months to one day.
• AI-driven technology improves accuracy in identifying and measuring property damage.

Negative

• None.

• The collaboration between Tractable and Verisk enables the identification, classification and measurement of property damage through artificial intelligence (AI)
• Verisk and Tractable customers can now benefit from end-to-end, automated property claims
• Verisk's Xactimate solution is a leading property claims estimating platform for property/casualty insurers and is part of one of the largest claims ecosystems in the industry

NEW YORK, Feb. 6, 2023 /PRNewswire/ -- Verisk (Nasdaq: VRSK), a leading global data analytics provider, is expanding its claims ecosystem by teaming up with Tractable, an industry-leading, applied AI company. By integrating with Tractable, which uses computer vision technology to visually assess damage to homes, Verisk will be able to significantly help accelerate insurance claims processing and home repairs.

With Tractable's AI, insurers that use Xactimate can cut the time to settle a property claim from months to just a day.

Launched last year, Tractable's AI property solution allows policyholders to take and submit photos of damage through a mobile-friendly, web-based app. The AI, trained on a large database of claims and damaged property, then quickly identifies, classifies and measures the property damage, enabling automated estimates to be generated on Verisk's Xactimate^® platform.

With Tractable's AI, insurers that use Xactimate can access reliable property estimates and help cut the time to settle a property claim from months to as little as one day. 

"We strive to deliver technology-driven solutions that help insurers respond to their customers when it matters most—after a loss," said Aaron Brunko, senior vice president at Verisk Property Estimating Solutions. "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."

"When people experience property damage, the first—and often most time-consuming—step toward recovery is settling their insurance claim," said Alex Dalyac, co-founder and CEO of Tractable. "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."

Learn more about Verisk's Xactimate.  

About Tractable

Tractable is an Applied AI company that uses the speed and accuracy of artificial intelligence to visually assess cars and homes for accident and disaster recovery. 

Our solutions aim to help people work faster and smarter, while reducing friction and waste – better for businesses, their customers and the planet. 

Trained on millions of data points, Tractable's AI-powered solutions process more than $2 billion in vehicle repairs and purchases annually, and connect everyone involved in insurance, repairs, recycling and sales of cars and properties – helping people work faster and smarter, while reducing friction and waste.

Tractable AI is the tool of choice for over 35 of the world's top 100 insurance carriers. Backed by Insight Partners and other top-tier investors, our world-class research and engineering team is based in London, with offices across North America, Asia and Europe. 

To learn more about Tractable and request a demo, visit tractable.ai. You can also follow us on LinkedIn and Twitter.

About Verisk

Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom. 

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SOURCE Tractable

FAQ

What is Verisk's partnership with Tractable about?

Verisk's partnership with Tractable focuses on using AI to automate property damage assessment and claims processing.

How does AI benefit Verisk's Xactimate platform?

AI integration allows Xactimate to provide rapid and accurate property estimates, shortening claims settlement time significantly.

When was the collaboration between Verisk and Tractable announced?

The collaboration was announced on February 6, 2023.

What are the potential impacts of this AI collaboration on property insurance claims?

The collaboration has the potential to enhance the efficiency and accuracy of property insurance claims, improving the policyholder experience.

What is the significance of the collaboration for Verisk's investors?

The collaboration signifies potential growth in Verisk's market position and increased operational efficiency, which can positively impact investor confidence.