Tractable

UK-based Tractable develops artificial intelligence for visual assessment and disaster recovery. It uses photos to automate damage appraisal, allowing insurers to improve accuracy, reduce turnaround time, and deliver a better experience for customers. It helps people recover faster from accidents and disasters that affect everyone, from car accidents to full-scale floods and hurricanes.

It is also applying its AI to accelerate any process when inspecting a vehicle’s condition is required, including purchasing, renting or selling a car, or recycling parts at end-of-life. And, as of 2021, it is working with a leading Japan insurer on assessing property damage after natural disasters.

Its AI assesses damage to any car, whether in Europe, North America or Asia, and is used by over 25 of the world’s largest 100 companies, including Tokio Marine, Ageas, MS&AD and Covéa. Tractable has now processed hundreds of thousands of auto insurance claims, worth over $2bn.

In July 2018 Tractable raised a $25m Series B led by Insight Partners.

In September 2019, Tractable announced new partnerships with Thatcham Research, LKQ Corporation and the Automotive Body Parts Association.

Tractable closed a $25m Series C in early 2020, to fund continued global expansion plans following the opening of a new office in Japan to serve the APAC market.

Soon after this, in May 2020, Tractable announced a partnership with Tokio Marine. Tokio Marine will use Tractable's AI solution to enhance and accelerate its auto claims process.

In September 2020 Admiral subsidiary Admiral Seguros partnered with Tractable to leverage its AI solution for damage assessment.

During October 2020 Tractable enabled the first touchless auto insurance claim and became available in UK, Spain and Italy. 

In November Tractable partnered with MS&AD, to provide its subsidiaries with its computer vision-powered auto claims technology.

In December 2020, Tractable publicly announced its partnership with PZU, Poland's largest insurer, to streamline its auto claims, 20% of which would previously have required inspection post-repair. Tractable's AI system now means PZU can inspect repairs instantly and remotely. The two revealed they have already been working together since 2018, handling over 150k claims.

In January 2021 Tractable announced a partnership with The Hartford. The US insurer is leveraging Tractable's AI solution to analyse auto damage within its auto insurance claims operations in the US.

In April 2021 Tractable expanded its partnership with French insurer Covéa to accelerate auto claims processing nationally. The two companies first began working together in 2016 to simplify claims management.

Tractable became a Unicorn after raising $60m in funding in June 2021.

In September 2021 Tractable launched a new product for insurers and adjusters - via a mobile app, 'AI Inspection' can assess the external condition of car in the time it takes to walk around the vehicle.

In January 2022 MAPFRE announced it was partnering with Tractable. The solution uses customer pictures of vehicle damage to conduct an automated appraisal, and sending the orders directly to repair shops, reducing vehicle repair time for MAPFRE's Brazil-based customers by as much as two weeks.

In April 2022 Tractable partnered with Aviva to help the insurer to improve the accuracy and efficiency of UK motor claims.

During the same month Tractable announced it was to make AI-enabled straight-through processing available to North American Insurers and backed by Mitchell's open platform and comprehensive repair data. 

In January 2023 Tractable lost a bid for arbitration in an intellectual property (IP) suit brought against it by CCC Intelligent Solutions. CCC has stated Tractable used a false name (a "Jason Chen" with "JA Appraisal") to license CCC's technology, and because of this, Tractable cannot invoke the arbitration provision in the user agreement. The complaint states that Tractable obtained some of CCC's IP through this fake licensee, who was working on behalf of Tractable. Tractable have stated that the ruling "does not reflect a decision surrounding the merits of CCC’s complaint, which we believe is meritless", that "Tractable's AI does not contain any CCC intellectual property" and that the company believes related claims are unsubstantiated. The case remains ongoing.

Later in February 2023 Tractable teamed up with Verisk to offer AI-powered estimates for property damage. Through AI identification, classification, and measurement of property damage will be possible. Both Tractable and Verisk customers will now have access to end-to-end, automated property claims.

During April 2023 Tractable renewed its partnership with the largest car insurer in France, Covea, in a deal that began in 2016 to simplify claims management. Covea said it intended to use Tractable technology throughout its repair network which then consisted of over 2,000 repair shops.

During July 2023 Tractable raised $65m in Series E funding. 

Tractable processes over $7bn in annualised auto and home repairs and acquisitions, more than doubling its claims volume compared to one year ago.

Tractable currently works across markets in North America, Europe and Asia. It has a team of more than 100 based across London, New York, Munich, Madrid and Tokyo.