GEICO partners with Tractable to accelerate accident recovery with AI

-Tractable's AI assesses vehicle damage in seconds, helping customers get back on the road faster by accelerating claim processing

-GEICO will use AI to improve speed and accuracy of estimate review

News provided by

Tractable

May 26, 2021, 06:00 ET

NEW YORK, May 26, 2021 /PRNewswire/ -- GEICO, the second-largest auto insurer in the US, is partnering with Tractable to accelerate its auto claim and repair process. Tractable's proprietary computer vision technology, trained on millions of historical claims, assesses vehicle damage like a human appraiser. Inserting AI into the process, GEICO will be able to accurately review estimates within seconds while also reducing administrative overhead.

GEICO, the second-largest auto insurer in the US, is partnering with Tractable to accelerate its auto claim and repair process.

Todd Combs, CEO at GEICO, said: "GEICO customers know us for our speed of service and value. Tractable's artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the road faster."

Alex Dalyac, Founder & CEO of Tractable, said: "We are honored to be chosen by GEICO, one of America's largest insurers. We are committed to accelerating accident recovery with AI. Through this partnership, our AI will make a positive difference to millions of lives."

After an accident, the process from filing an insurance claim through to settlement can be lengthy. Tractable believes a key driver of the time it takes to repair a vehicle is the ability for the insurer and the repairer to quickly review and agree on the repair operations. Tractable seeks to shorten that time with its AI.

Tractable's AI processes over $2 billion a year in vehicle repairs and purchases, serving over 20 of the world's top insurers, such as Tokio Marine and Mitsui Sumitomo, the largest auto insurers in Japan; Covéa, the largest auto insurer in France; and Admiral Seguros, the Spanish entity of Admiral Group.

About Tractable:
Tractable develops artificial intelligence systems for accident and disaster recovery. Its AI solutions process over $2bn a year in vehicle repairs and purchases, and have been deployed by over 20 of the world's top insurers across Europe, North America and Asia, helping millions of households recover from accidents faster.

About GEICO:
GEICO (Government Employees Insurance Company), the second-largest auto insurer in the U.S., was founded in 1936 and insures more than 28 million vehicles in all 50 states and the District of Columbia. A member of the Berkshire Hathaway family of companies, GEICO employs more than 43,000 associates countrywide. GEICO constantly strives to make lives better by protecting people against unexpected events while saving them money and providing an outstanding customer experience. Along with personal auto insurance, commercial auto and personal umbrella coverages are also available. Homeowners, renters, condo, flood, identity theft, term life, and more coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc. Visit geico.com for a quote or to learn more.