Japanese insurer adopts AI estimations
A leading Japanese insurer is using AI technology from Tractable to assess vehicle damage and process claims.
Tokio Marine will use AI to look at photos of car damage and estimate the damage in near-real time while also providing the full range of repair decisions available, including recommended repair, paint, and blend operations, as well as the labour hours required.
This is the first time that a major Japanese insurer has deployed an AI auto damage assessment solution into the claims process.
Tokio Marine group deputy general manager Hidenori Kobayashi said: “In Japan, after an accident it can take two to three weeks to determine the amount that should be paid. By using Tractable’s world-leading AI to assess car damage, we expect to shorten that time considerably, cementing our position as a company proud to pioneer new technology that transforms the claims journey for our customers.”
Alex Dalyac, co-founder and CEO, Tractable, said: “We are honoured to be selected as the AI partner by one of the world’s largest insurers. We see this as testament to the quality of our technology, the maturity of our solution and trust in our people. Computer vision is accelerating accident recovery; the technology is here, it’s on the ground and it’s making a difference.”
Tractable’s AI uses deep learning for computer vision, along with machine learning techniques. The AI is trained on many millions of photos of car damage as well as human appraiser decisions, and the algorithms learn from experience by analysing a large variety of different examples. Tractable’s technology is globally applicable to any vehicle.
The AI allows insurers to evaluate the damage to a vehicle, based on photos provided by repairers, appraisers or policyholders.
So far Tractable’s AI has processed over $1bn in auto claims for the world’s top insurers.
