The insurtech says Tractable was a ‘clear choice’ as it aligns with its mission to deliver world-class technology
US insurtech Root Insurance has chosen artificial intelligence (AI) company Tractable to help it streamline and develop its claims operations.
Tractable is an insurtech that develops AI to assess damage to property and vehicles for insurance claims.
The partnership will therefore see Root integrate Tractable’s AI solutions with its material damage claims processes, starting with subrogation.
In insurance, subrogation is the process by which two insurance carriers align on the split of expenses when multiple parties are involved in a claim.
The initial phase of the partnership will see Root launch Tractable’s new AI Subro product, which will enable it to assess and respond to subrogation demands more accurately and efficiently.
Alex Dalyac, Tractable’s co-founder and chief executive, said: “It’s been exciting to watch Root’s rapid growth and to now partner together and help drive Root’s frictionless customer experience forward.
“As the technology-first, customer-centric carrier, Root’s adoption of solutions that get its drivers back on the road more quickly after accidents demonstrates to the industry that AI is the future.”
Tractable gained unicorn status in June last year.
Next generation of insurers
Tractable’s AI Subro solution reviews subrogation requests made by one insurance carrier to another and helps them to reach a consensus quickly and consistently.
Root Insurance is an app-based licensed insurance carrier powered entirely by mobile technology. It was founded on the principle that motor insurance rates should be based primarily on driving behaviours rather than particular demographics.
Mark LeMaster, chief claims and customer service officer at Root, said: “Implementing AI effectively will set the next generation of insurers apart from incumbents by creating greater efficiencies and a frictionless experience for consumers.
“The industry-leading accuracy and breadth of Tractable’s solutions made for a clear choice as our AI partner and serves us well in our mission to deliver world-class technology when it matters most for our customers.”
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