The algorithms are trained in image classification, and they identify damage and hand off the claims to companies like Mitchell International, based in San Diego, that price out parts and calculate labor costs. The best algorithms already provide estimates in a few seconds that are as accurate as those produced by experienced human estimators. The pandemic has made A.I.-powered estimating even more attractive because the technology reduces or even eliminates the need for face-to-face interaction between drivers and insurance adjusters.
One of the leaders in this “insuretech” market is Tractable, a company based in London that was founded in 2014 by the entrepreneur Adrien Cohen and two computer vision experts, Alex Dalyac and Razvan Ranca. Since then, Tractable has received more than $50 million in venture capital funding and grown to over 100 employees in London, New York and Tokyo. Major insurers in Europe and Asia have used Tractable’s A.I. to settle more than $1 billion in claims.
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