The US-based AI-enabled insurtech raised a $60 million Series D funding round, valuing it at $1 billion, per TechCrunch. Tractable’s AI solution uses computer vision technology to evaluate photos of vehicle damage rather than relying on human appraisals, which both increases the accuracy of damage estimates and streamlines the customer claims journey.
Tractable has gained traction over the years, and recent partnerships are further testaments to its growth. The insurtech works with more than 20 of the top 100 auto insurers globally, and its sales have grown by 600% in the last two years. It recently teamed up with major insurers—Tractable will now analyze damage to cars across Covéa’s three brands (MAAF, MMA, and GMF), and Geico uses Tractable to expedite claims payouts and digitize vehicle damage assessment for 28 million vehicles it insures across the US. Demand from insurers could further increase to counter customers’ stagnant auto insurance satisfaction, which is based on factors like claims.
The insurtech is moving deeper into property insurance, which desperately needs to be digitized, and its existing partners could help its solution stand out.