Tractable said MS&AD, a leading property and casualty insurers, will use its AI solutions to processes auto claims, speeding up recovery for its policyholders.
The AI solutions, created by technology company Tractable, use computer vision to analyse photos of car damage.
MS&AD will deploy the AI across both of its subsidiaries, Mitsui Sumitomo Insurance (MSI) and Aioi Nissay Dowa Insurance (ADI), where it will be used across hundreds of thousands of auto claims a year, accelerating how quickly each is processed by as much as two weeks per claim.
These deployments signify mass adoption of AI across MS&AD’s operations, and vehicles will be returned to policyholders in Japan more quickly than previously possible.
“By applying Tractable’s 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,” Keiji Goto, GM for Technical Support, Claims Division at MSI, said.
As well as Japan, MS&AD operates across over 40 countries, and its core units, MSI and ADI, have extensive foreign auto operations in Asia, the Americas and Europe. MS&AD is the fifth-largest P&C insurer globally.
Alex Dalyac, co-founder and CEO, Tractable, said: “ 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’s AI has been trained on photos and human repair decisions across millions of historical accidents. 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.
Tractable’s AI has processed over $1 billion in auto claims for top insurers, including Ageas UK, Covea, the largest auto insurer in the French market, and Talanx-Warta, the second-largest auto insurer in Poland.