Greater London Enterprise Awards 2020

23 | Greater London Awards 2020 Best Applied AI Technology Company 2020 Based in London, Tractable develops market-leading artificial intelligence solutions for accident and disaster recovery. Using photos to automate damage appraisal, Tractable’s technology enables the world’s largest insurers to improve accuracy, reduce turnaround time and deliver a totally revolutionised customer claims experience. Tractable is working towards being able to one day help the world recover from all accidents and disasters, from car accidents to monumental natural disasters, in a more productive, efficient and stress-free manner. At the moment, the firm is working on motor damage, as 100 million car claims happen every year globally. Tractable’s AI assesses damage to any car in Europe, North America and Asia and since its inception, has processed hundreds of thousands of auto insurance claims, making a positive impact for clients facing a stressful, inconvenient predicament. Fundamentally, Tractable is built on the belief that response to accidents and disasters could be ten times quicker than it currently is, thanks to AI. For a long time, technology that would analyse auto damage was out of reach, due to image recognition technology not yet being advanced enough and companies lacking proficient data to drive accurate models. As Tractable carved out its niche in the market, it solved these issues by training their world-leading deep learning technology on millions of images, making their AI just as, if not more accurate than a human assessor. As it sees more images and applications, Tractable’s software learns and improves, giving it the same insights as an auto repairer who has repaired over a million collisions to a consistent standard. Tractable’s accident and recovery AI system begins with an automated visual damage appraisal that assesses the damage, calculates the cost of recovery and unlocks the funds to facilitate the rebuild. Normally, the initial assessment stages of the recovery process can take days if not weeks. Tractable’s AI systems speed up this process to up to ten times faster. As a result, the insurers who collaborate with Tractable, such as Tokio Marine, Covéa and Ageas, are able to reduce turnaround times as well as improve accuracy, and consequently create a better, more customer-friendly claims experience for their clients. Operating across continents, Tractable’s technology is therefore making a real difference to thousands of claims and drivers. Moreover, in a time when digitisation of services and concepts is being accelerated due to the ongoing Covid-19 pandemic, Tractable is also seeing growth within their organisation and their services. The use of AI reduces unnecessary data collection loops and points of contact, a concept that has been recognised by insurers but also repairers and policyholders. Tractable has also recognised that venture financing in the AI sector is levelling off as investor expectations are not being met, thus its commercialisation is vital. This would allow the translation of technological breakthroughs into sizeable revenues that actually generate returns. As such, Tractable is expanding to the global auto repair ecosystem that spans Europe, the Americas and Asia, bringing more advanced AI to insurers as well as repairers and the rest of the supply chain. The firm is answering the demand across the rest of the vehicle life cycle, in maintenance, lease returns and used car sales. Outside of the automotive sector, the calls for Tractable’s AI products are also growing, as clients are seeking visual appraisals for property damage relating to natural disasters. As this has been Tractable’s mission aspect since inception, it marks an exciting next step for the start-up. Pulling together the entrepreneurial, objective- driven spirit of the Tractable environment that is the culmination of the firm’s talent, many of which comes from the leading universities of London itself, the firm is putting an even greater focus into the research that built them to facilitate their expansion. Whether that research is being applied to real-world situations or helping customers recognise the benefits of AI, the whole Tractable team are making their contribution, by deepening their technical insights so that their market-leading AI can be applied to many more cases, including property damage. The result is the positive, real-world impact that Tractable has been striving for since day one. Contact: Norval Scott Company: Tractable Web Address: www.tractable.ai Sep20527 There are not many start-ups involved in the development of deep learning that have a profound real-world commercial impact, but London-based Tractable is one of the leading few. Developing artificial intelligence for accident and disaster recovery, Tractable’s market-leading AI solutions are today improving the customer claims experience for motor accidents and damage, but with the hope that one day, it will help the world recover from accidents and disasters that affect hundreds of millions of lives. This growing organisation has got its visions set on a big, bright future.