Insurance claims AI unicorn Tractable closes $65m Series E

Tractable, a tech unicorn that uses AI and computer vision to help insurance companies assess the extent of damage, has sealed a US$65m Series E round

AI unicorn Tractable, which uses computer vision to help insurers understand the extent of damage to cars and properties, has today announced a US$65m Series E funding round.

Founded in 2014, Tractable’s AI technology has empowered the insurance industry to adopt an increasingly self-service approach to claims. When policyholders experience a car crash or property damage, Tractable’s technology analyses their photos and recommends decisions based on the severity of the damage.

The company is seeking to bring wholesale change to the “largely manual, time-consuming and costly” claims process, which has failed to evolve in spite of the global insurance market’s US$4.3tn potential. According to Tractable, its technology creates a more frictionless claims experience that is up to 10 times faster than traditional methods – in part because the AI is trained on millions of different data points.

The latest capital investment was led by SoftBank Vision Fund 2, and also included existing investors Insight Partners and Georgian. It comes just over two years since the company raised a similar amount in a Series D raise, which was the round that gave it a billion-dollar valuation for the first time.

Since then, it has continued to grow its product range and secure new customers within the insurance industry – including Root, Verisk, Covéa, and American Family Insurance. It has also been expanding, having launched a German subsidiary in April 2022 to better target the world’s third largest insurance marketplace.

The company says the latest investment will accelerate its “expansion across the auto and property ecosystems to apply AI to cars and homes that need to be repaired, protected, recycled or sold”.

Property insurance ‘ripe for AI disruption’, Tractable says

⁠Alex Dalyac, CEO and Co-Founder of Tractable, says: “Tractable’s AI has helped millions recover faster from accidents and natural disasters. In SoftBank, we have a partner who understands the full application set of our technology at a granular level, combined with deep networks within the insurtech, automotive and property sectors.

“I’m excited by what we can achieve in redefining trust and transparency to support people in managing the life cycles of their cars and homes.”

⁠Nahoko Hoshino, Investment Director for SoftBank Investment Advisers, who joins the Tractable board as part of this round, adds: “We are excited to work with Alex, Razvan [Ranca, Co-Founder and CTO of Tractable] and their team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision.

“As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption.”


For more insights from InsurTech Digital, you can see our latest edition of InsurTech Digital here, or you can follow us on LinkedIn and Twitter

You may also be interested in our sister site, FinTech Magazine, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18-19 October 2023. 


BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.


Featured Articles

UHG CEO Witty Admits Hack hit Third of US Citizens' Data

US congressional hearing learns from UnitedHealth Group CEO Andrew Witty that Change Healthcare cyberattack compromised data of third of the US population

Allianz Announces Partnership With Clearspeed

Emerging scams like moped fraud and shallow fakes pose new challenges to insurers, so more sophisticated detection systems are crucial

Milliman Arius: Reserve Analysis with an End-to-End Solution

Insurers face risks and errors with current reserve analysis methods – and Arius provides the answer

Allstate: BCG Partner Harnesses Gen AI to Transform CX

Technology & AI

Comarch Diagnostic Point: Next Gen European Health Insurance


MoneyLIVE Summit 2024: Qover Talks Embedded Insurance