Tractable, the London-based InsurTech that uses artificial intelligence (AI) for visual claims assessments and disaster recovery, announced a $65M Series E investment led by SoftBank Vision Fund 2.

Existing investors Insight Partners and Georgian participated in the round. Tractable said it will use the new funds to accelerate its research and development capabilities, creating new features that power the end-user experience to provide instant, comprehensive and integrated vehicle assessments.

The Series E investment represents the latest milestone in Tractable’s growth journey. ⁠Since its Series D funding round in July 2021, Tractable has continued to grow its product offerings and is working with top property/casualty insurers, including American Family Insurance and Aviva, as well as leading automotive companies in recycling, repair and retail.

The company recently brought on Venkat Sathyamurthy as chief product officer (formerly head of platform at Adobe), Mohan Mahadevan as chief science officer (formerly computer vision lead at Amazon) and Andrew Shimek as president to oversee global operations and sales.

Tractable noted that the insurance claims process remains largely manual, time-consuming and costly for both insurers and policyholders, despite the significant growth expected for the global insurance market, which Swiss Re said is likely to generate $4.3 trillion in premiums by 2040. To mitigate these challenges so claims are settled with higher accuracy and greater efficiency, Tractable is digitizing the full claims journey through visual AI assessment.

Trained on millions of data points, Tractable’s AI reviews user-submitted photos of cars and homes captured via smartphone and recommends decisions based on damage severity, the company explained.

Any time drivers need the condition of their vehicle appraised, Tractable’s AI provides a frictionless process that’s up to 10-times faster. The company also uses its AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale. Last year, Tractable expanded the application of its technology to assess the condition of homes to accelerate recovery after property damage occurs.

The company now processes more than $7 billion in annualized auto and home repairs and acquisitions, more than doubling the volume of claims processed by Tractable compared to one year ago.

“Tractable’s AI has helped millions recover faster from accidents and natural disasters. In SoftBank we have a partner who understands the full application set of our technology at a granular level, combined deep networks within the InsurTech, automotive and property sectors,” commented Alex Dalyac, CEO and co-founder of Tractable.

⁠”We are excited to work with Alex, Razvan and team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision,” according to Nahoko Hoshino, investment director, for SoftBank Investment Advisers, who has joined the Tractable board as part of the transaction.

“As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption,” Hoshino added.

Source: Tractable