AI-powered insurance claims startup Tractable raises $65m in Series E funding

The investment was led by SoftBank Vision Fund 2, with participation from existing investors Insight Partners and Georgian.

The company will use the funds to accelerate its expansion across the automotive and property ecosystems. Tractable’s AI technology can automate the insurance claims process, enabling real-time condition assessment and accurate repair estimates based on images captured via smartphone.

Tractable’s AI is trained on millions of data points and can identify damage to cars and homes with up to 90% accuracy. Leading insurers, automotive companies, and property damage restoration firms have used the company’s technology.

In the past year, Tractable has more than doubled the volume of claims processed by its AI technology. The company now processes over $7bn in annualised automotive and home repairs and acquisitions.

“Tractable’s AI has helped millions recover faster from accidents and natural disasters,” said Alex Dalyac, CEO and co-founder of Tractable. “We are excited to use this investment to accelerate our growth and help even more people get back on their feet after a loss.”

The use of AI in the insurance industry is still in its early stages, but it has the potential to improve the efficiency and accuracy of the claims process significantly. We will likely see even more innovation in this space as AI technology develops.