MS&AD Insurance Adopts AI For Faster Claims

MS&AD Insurance Adopts AI For Faster Claims

Major Japanese insurer MS&AD Insurance Group will use an AI solution by British tech company Tractable to accelerate automotive claims processing in Japan.

The AI will be used by MS&AD subsidiaries, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance (ADI), where it is expected to feature in hundreds of thousands of automotive claims per year. Tractable says the deployments signify wide-scale, mass adoption of AI across MS&AD’s operations, resulting in vehicles being returned to policyholders quicker than previously possible.

According to Tractable, by capturing images and converting them into instant appraisals, the AI allows the insurer and repairers to move claims forward immediately, accelerating the process by up to two weeks. It is believed the technology will save adjusters up to 360,000 hours every year.

Tractable says the AI has been trained on photos and human repair decisions across millions of historical accidents. Through experience, the AI has learned to understand damage to any passenger vehicle across Europe, Asia and the Americas. The system continually improves as more insurers and repairers benefit from its use.

“By applying Tractable’s market-leading AI, we will be able to solve long-standing challenges to the claims cycle, such as how to accelerate supervisor approval of work carried out by our appraisers,” said Keiji Goto, General Manager for Technical Support, Claims Division at Mitsui Sumitomo Insurance. “We’re excited by the standard of the AI and its capacity to help us make better, faster decisions for our customers.”

Tadashi Yamanaka, Staff General Manager Claims Administration Department at ADI, said Tractable’s AI will change how insurance claims are processed. “As a result, drivers across Japan will see a faster response time to their claims, proving ADI’s commitment to delivering the best possible service.”

Alex Dalyac, co-founder and CEO of Tractable, welcomed MS&AD’s move into AI claims processing.

“It’s inspiring that one of the world’s leading insurers is making a bold move into the future with Tractable,” said Dalyac. “By deploying our AI across Japan, MS&AD will enable its policyholders to benefit immediately from cutting-edge technology that shortens the claims cycle by weeks.”

Tractable says its AI has processed more than US$1 billion in automotive claims for the world’s top insurers including Ageas UK, French insurer Covéa and Polish insurer Talanx-Warta. It also recently signed up Admiral Seguros in Spain and the Indonesian subsidiary of Tokio Marine, another Japanese insurer, to its AI technology suite.