Insurer Ageas has started processing claims using artificial intelligence from London startup Tractable
One of the biggest car insurers in the UK has started automating the way it's processing claims with the help of artificial intelligence.
Ageas will start using technology which can asses images of vehicle damage, and even flag potential fraudulent claims, to make the process more efficient by performing assessments within seconds.
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The technology called AI Approval and developed by London tech startup Tractable, will be rolled out across the UK business of the Belgian-based insurer following a small trial at the end of last year.
"The results of our initial pilot are impressive and I’m keen to progress to using this technology at scale," said Ageas claims director Rob Smale.
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The AI-powered process has the potential to speed up the claims process, reducing costs and thus saving insurers money, as well as serving customers more quickly.
“Our AI understands imagery like experts do. It will impact any industry that relies on visual tasks," said Tractable co-founder and chief executive Alex Dalyac. "AI will eventually enable claim settlement in minutes. Our success with Ageas is a thrilling first step."