Insurtech start-up Tractable raises $8m in Series A
Aiming to “change the way insurance works”, the start-up develops AI tech that can learn and preform visual tasks – such as analysing damaged vehicles
Tractable, an insurtech start-up that specialises in computer vision, has completed an $8m Series A funding round, led by Ignition Partners, Zetta Venture Partners, and a host of insurance industry leaders.
Individual investors that participated in the round included Andy Homer (former CEO of Towergate and former CEO of AXA UK), Scott Roza (chief business officer at Guidewire Software), Tony Emms (former chief claims officer at Zurich Insurance UK), Greg Gladwell (former CEO at Crawford & Company UK and Ireland), and Stuart Bartlett (founder of CEO Vision and founder of BlueGrassComms).
Founded by Alex Dalyac, Razvan Ranca and Adrien Cohen in 2015, Tractable creates a proprietary AI algorithm that attempts to learn and preform visual tasks in the same way a human would – helping businesses streamline certain manual tasks.
Aiming to “change the way insurance works”, the London-based start-up’s tech can scan damaged vehicles in order to help insurance companies optimize the repair and claims management process, flag fraudulent claims, and increase accuracy.
Hoping to tap into the casualty insurance market, which is worth $450bn in the US, Tractable already works with some of the largest insurers and repair companies in the US and UK – counting the likes of Ageas and Mitchell International among its clients.
Dalyac said: “Our AI helps human experts to understand imagery, and can have a massive impact on any industry that relies on visual tasks.
“Our partnership with Ignition Partners will help us to continue to scale and create new solutions for insurance. AI will eventually enable claim settlement in minutes.”
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