Tractable is a UK-based provider of AI-based solutions that use visual analysis to assess vehicle damage claims from photos. Tractable’s proprietary AI has been trained on millions of images and its review and estimating features help insurers improve their claims process and obtain an end-to-end estimate of vehicle damage. Tractable also offers an AI-based subrogation solution for auto insurers to automate tasks associated with the subrogation process. The company’s technology can also be applied towards appraising property damage resulting from natural disasters. In addition to the UK, the company also has offices in the US and Japan, collectively employing over 100 staff.
Key customers and partnerships
In April 2022, the company announced a partnership with Mitchell, an information provider for property and casualty insurance and collision repair industries. Through this partnership, Tractable aims to bolster its automotive insurance claim flows for US and Canadian insurers, repairers, and policyholders, thereby facilitating straight-through claims processing—those that take place with little to no human intervention.
Fundings and financials
In July 2023, the company raised USD 65 million in Series E funding, led by SoftBank Vision Fund 2. The company aimed to use the fresh funds to expand its existing business, incorporate advanced AI solutions across its processes, and invest further in Japan, one of its biggest markets. As of the same date, it reported that it has processed over USD 7 billion in annualized auto and home repairs and acquisitions, more than doubling its claim processing volume from a year ago.
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