London-based insurance technology (InsurTech) start-up Tractable has raised $65 million in a Series E funding round to spearhead its mission of revolutionizing the insurance industry with artificial intelligence (AI). The investment round was led by Insight Partners a leading global venture capital firm with participation from existing investors such as Georgian and others.
Tractable has developed an AI-powered platform that utilizes computer vision technology to automate the claims process in the insurance industry. The company’s software analyzes images of damaged vehicles buildings or other assets to assess the extent of the damage and generate repair estimates. This automation streamlines the claims process reducing the time and effort required by insurance adjusters and enabling faster more accurate payouts.
The latest funding round will enable Tractable to further enhance its technology and expand its operations globally. The company plans to use the investment to accelerate its research and development efforts as well as to grow its team of AI experts and engineers. Additionally Tractable aims to strengthen its presence in key insurance markets including the United States.
The COVID-19 pandemic has increased the demand for digital solutions in the insurance industry as companies look to streamline their processes and improve efficiency. Tractable’s AI technology aligns perfectly with these needs as it significantly improves the claims management process ultimately benefiting both insurers and policyholders.
What Are The Views Of Leading Members Of The Firm On This
Alex Dalyac CEO and co-founder of Tractable expressed his excitement about the latest funding round and the company’s continued growth. He stated “We’re excited to have Insight Partners join us on this journey as we unlock the value of computer vision AI for the insurance industry. Over the past year we’ve seen an acceleration of digitization efforts across claims and we’re proud our technology is now a key part of this.”
Insight Partners’ Managing Director Deven Parekh also shared his enthusiasm for partnering with Tractable. He emphasized the company’s ability to drive innovation in the insurance industry saying “Tractable’s advanced AI algorithms deliver real value to insurers across the globe making the claims process faster more accurate and better for all parties involved. We look forward to supporting the company’s rapid growth as it scales its operations and expands its reach.”
