Auto insurance giant GEICO has signed a deal with an AI startup, Tractable, to process auto repair claims faster. Tractable’s computer vision technology, trained on thousands of historical claim images, assesses vehicle damage like a human appraiser.
Under the deal, Tractable’s AI system will analyze images of damaged vehicles and estimates submitted by auto repair shops and either approve or flag the estimates for further assessment by human appraisers. Using this process, GEICO believes repair estimates can be confirmed or denied within minutes. It will also add an extra layer of protection from overly high estimates.
While the financial terms of the deal weren’t disclosed, Tractable Founder & CEO Alex Dalyac, says the deal is a huge stepping stone in their mission to have their AI “make a positive difference to millions of lives.” GEICO is the second-largest auto insurer in the U.S. with 17 million policyholders.
