An artificial intelligence startup company that developed computer vision tools to enable remote claims assessment is announcing a significant round of funding.
Tractable, a leading AI company, works with auto insurance companies.
When drivers get into an accident, Tractable allows them or their repairer to submit photos of damaged cars. The company’s AI analyzes them and makes predictions whether the vehicle is repairable. Such decisions can take several days otherwise. More than 20 of the world’s top 100 auto insurers use this service. Tractable’s customers include the four largest P&C insurers in Japan, France’s largest auto insurer Covéa, Spanish Admiral Seguros, and Ageas, a top UK insurer.
According to Alex Dalyac, the company’s CEO, Tractable’s sales have surged by 600% in the last 24 months.
The company has raised $60 million, a Series D that values Tractable at $1 billion.
The company intends to use the investment to develop its technology further
Tractable’s purpose is to use some of the investment to expand deeper into the areas such as natural disaster recovery and used car appraisals.
Insight Partners and Georgian Partners jointly led the round, bringing the company’s total to $115 million.
Getting into an accident can be devastating and traumatic. In addition, it is challenging to keep track of things since you have to deal with many touchpoints with your insurance.
Dalyac, a company co-founder, stated that Tractable identifies and fixes things that are generally time-consuming and stressful. As a result, Dalyac believes that the entire process can be ten times faster.
The technology will also benefit automotive companies and financial institutions. Besides, the round will invest in the application of Tractable’s technology to access homes.
These new directions into property and car applications will bring the company into new competitive environments. Other companies have also recognized this opportunity.