Will AI photo recognition change motor claims?

Start-up-developed technology is offering'touchless' claims handling to the motor insurance industry through the use of AI-powered photo recognition. Tractable, which already provides the first-wave of its technology to UK insurer Ageas, has today announced the roll out of a new development to its AI system, which will see it able to provide a full estimate repair cost using photos in minutes. The company, which was founded in 2015 and has attracted more than $10 million (£7.5 million) in funding, says that its new'AI Estimating' technology will save time, cut costs, and transform the claims experience on more than 60% of motor claims. The system will streamline the claims process, from First Notification of Loss (FNOL) to an insurer-approved estimate, without the need for human intervention. "Today when you have an accident and you call your insurance company, the process to manage your claim is extremely slow, its expensive and its very manual," Adrien Cohen, chief commercial officer at Tractable, told Insurance Business.