GEICO, the second-largest vehicle insurer in the US, has contracted Tractable to accelerate its claim and repair process with artificial intelligence (AI). By inserting Tractable’s AI into the process, GEICO said it will be able to accurately review estimates within seconds while reducing administrative overhead.
“GEICO customers know us for our speed of service and value. Tractable’s artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the road faster,” said Todd Combs, CEO of GEICO.
Alex Dalyac, founder and CEO of Tractable, said the company is honoured to be chosen by GEICO. “We are committed to accelerating accident recovery with AI. Through this partnership, our AI will make a positive difference to millions of lives,” he added.
Tractable said the ability for insurers and repairers to quickly review and agree on repair operations is a key determinant of repair process time. The company seeks to shorten that time with its AI.
According to the company, its proprietary computer vision technology, trained on millions of historical claims, assesses vehicle damage like a human appraiser. The company now processes more than US$2 billion a year in vehicle repairs and purchases, serving over 20 of the world’s top insurers.