Tractable, a company developing artificial intelligence-powered assessment technology, announced the launch of its AI Property solution today, according to a press release shared with FinLedger.
The solution enables users to quickly assess the external condition of damaged property through a web-based application, allowing those affected by natural disasters to take and submit photos via a web-based smartphone application.
The AI Property platform is intended to mitigate the challenge of having appraisers assess damage onsite, which can be difficult following a natural disaster or other severe weather-related incident. Since 2014, the company has assisted over 25 of the world’s 100 leading insurers with auto appraisal claims, according to the release, and now planning to utilize this information with property assessment.
“Climate change is leading to more frequent and severe natural disasters. Hurricanes leave households without a proper home to live in. By allowing homeowners to immediately self-assess their homes via AI augmented damage appraisal, insurers can intervene faster and at greater scale, to help their customers at their time of greatest need,” Tractable co-founder and CEO Alex Dalyac stated in the release.
After users submit photos via the application, Tractable’s AI makes an immediate assessment of the amount of damage and relays the information to the homeowner’s insurer. The algorithm is trained on a large database of claims and previous damaged property insights, enabling it to estimate damages in less than a day (compared to weeks or months).
Ahead of this launch, Tractable has already been working with one of Japan’s leading insurers, MS&AD Insurance Group Holdings, to help homeowners during the country’s 2021 typhoon season. The partnership is expected to expand to include indoor damage, water leakage and smoke assessment.
In other recent proptech news, PlanRadar announced a $69 million Series B for the expansion of its digital consutrction platform. Buildout also acquired Apto in an attempt to bolster CRE marketing for brokers.