Tractable and Verisk partner to reduce property damage claim settlement times

Tractable and Verisk have teamed up to reduce claims settlement times for property damage using automation.

The artificial intelligence (AI) solution was launched last year by Tractable and allows policyholders to submit photos of damage through an app.

The firms hope to reduce claims settlement times from several months to just one day using the technology.

Tractable’s AI is trained on a large amount of claims and damaged property so that it can identify the extent of the claim and send an automated estimate generated on Verisk’s platform Xactimate.

Alex Dalyac, co-founder and chief executive of Tractable, 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.”

AI meets property claims

The new partners said that their partnership had the potential to change how the biggest insurers manage large losses resulting from climate change and frequent catastrophes.

Aaron Brunko, senior vice president at Verisk Property Estimating Solutions, said: “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 optimise spending.

“And with more frequent and severe weather events affecting communities, leveraging AI to help accelerate recovery becomes even more timely and crucial.

“We strive to deliver technology-driven solutions that help insurers respond to their customers when it matters most – after a loss.”