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Geico to Use Artificial Intelligence to Speed Up Car Repairs
Insurer to work with tech firm Tractable to assess body-shop damage estimates
"Geico, the nation’s second-biggest auto insurer, will try to speed up vehicle repairs for its policyholders by running photographs of damaged vehicles through artificial-intelligence software.
Berkshire Hathaway Inc. BRK.B -0.04% -owned Geico will offer the quick-estimate process in partnership with Tractable Ltd., said Alex Dalyac, chief executive and founder of the London-based technology firm. Tractable is among a number of specialists trying to help car insurers use artificial intelligence and other techniques to eliminate time-consuming hassles when customers file accident claims.
Financial terms of the partnership weren’t disclosed.
Todd Combs, Geico’s chief executive, said in a written statement that Tractable’s technology is a way to obtain accurate estimates for policyholders and get drivers back on the road faster.
Geico is second in the private-passenger auto-insurance market, with a 13.6% share, according to the Insurance Information Institute. Geico’s size as a part of Warren Buffett’s Berkshire conglomerate means its moves are often followed by other car insurers, so its use of artificial intelligence in handling claims could become standard industry practice."
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Insurer to work with tech firm Tractable to assess body-shop damage estimates
"Geico, the nation’s second-biggest auto insurer, will try to speed up vehicle repairs for its policyholders by running photographs of damaged vehicles through artificial-intelligence software.
Berkshire Hathaway Inc. BRK.B -0.04% -owned Geico will offer the quick-estimate process in partnership with Tractable Ltd., said Alex Dalyac, chief executive and founder of the London-based technology firm. Tractable is among a number of specialists trying to help car insurers use artificial intelligence and other techniques to eliminate time-consuming hassles when customers file accident claims.
Financial terms of the partnership weren’t disclosed.
Todd Combs, Geico’s chief executive, said in a written statement that Tractable’s technology is a way to obtain accurate estimates for policyholders and get drivers back on the road faster.
Geico is second in the private-passenger auto-insurance market, with a 13.6% share, according to the Insurance Information Institute. Geico’s size as a part of Warren Buffett’s Berkshire conglomerate means its moves are often followed by other car insurers, so its use of artificial intelligence in handling claims could become standard industry practice."
Read the rest here.
