Ageas to apply AI to UK motor in partnership with Tractable to reduce cost

Insurance solutions provider Ageas has said that it will use artificial intelligence (AI) technology across its motor claims management, working in partnership with technology specialist Tractable.

The AI application will perform an expert visual appraisal in motor claims handling in the UK. Ageas will use technology developed by Tractable, which saves time, contains costs and has the potential to improve customer outcomes, Ageas said.

At the end of 2016, Ageas completed a first-stage pilot which performed analysis of several thousand vehicle images involved in accidents or requiring repair. Across these claims, Ageas’s motor engineers were able to verify the findings of the software, which concluded that repair efficiencies in a proportion of claims could be realised, enabling cost savings and engineers to focus on more complex matters.

Commenting on the outcome of the first pilot, Ageas’s claims director Rob Smale, said: “We are comfortable to go against the grain and try new things to ensure we achieve the right outcomes. The results of our initial pilot are impressive and I’m keen to progress to using this technology at scale.”

Alex Dalyac, co-founder and CEO of Tractable, said: “Our AI understands imagery like experts do. It will impact any industry that relies on visual tasks. In automotive, where car driving is the visual task, AI and autonomous vehicles are transforming the industry. The same will happen in General insurance, where claim appraisal is the visual task. AI will eventually enable claim settlement in minutes. Our success with Ageas is a thrilling first step. It’s a delight working with such a pioneering insurer.”

Tractable’s technology works by using software to view images of vehicle damage and makes an assessment within seconds, streamlining a traditionally manual process, the company claims. Repair estimates can be quickly reviewed and authorised, ensuring reliability and speed throughout the claims process for all.

The technology connects with insurers’ back office systems to streamline claim management processes. It also identifies and flags any suspicious claims for investigation to help prevent fraud.

This approach could reduce the average claims lifecycle, which reduces the cost for insurers. It is providing a more consistent framework, which can help ensure insurers always pay an accurate amount on their claim. It could also provide better outcomes for customers as the policyholder can get their vehicle back sooner – with the ultimate aim of passing any savings back to customers to make insurance more affordable for everyone, according to the press release.

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