NEW YORK--(BUSINESS WIRE)--PartsTrader, the leading cloud-based auto parts procurement platform for the collision repair industry, and Tractable, an artificial intelligence (AI) leader using computer vision to assess the condition of cars, have formed a strategic partnership to bolster how the industry uses AI to process claims. The groundbreaking collaboration will launch with the integration of PartsTrader’s historical parts price data into Tractable’s Auto Reviewer solution, enabling insurers to automate and optimize the review of subrogation claims to ensure repair costs are both accurate and fair.
The partnership between PartsTrader and Tractable enables a more deeply collaborative repair ecosystem that leverages the latest technology and most comprehensive data available. In the coming months, the companies will collaborate on additional product integrations that streamline and accelerate the claims process to benefit both insurers and policyholders.
Tractable’s Auto Reviewer solution uses AI to accelerate subrogation, a claims process through which insurers determine cost responsibilities in multi-party claims, and which demands meticulous accuracy and consistency. Historically, this has required manual, time-intensive checks by adjusters. Now, with the industry’s first complete subrogation solution powered by AI, PartsTrader’s market-leading data will be integrated with Tractable Auto Reviewer to ensure that the right auto parts were used and appropriately sourced during the repair process, and that costs reflect pricing and availability consistent with the timing of the accident.
“Right now, every leading P&C insurer is eager to explore AI solutions that will drive more efficient operations across their entire claims business, and until our collaboration with PartsTrader, there hasn’t been a solution that could yield this level of critical, data-driven insight in AI claims review,” said Lauren Caruso, SVP of Global Sales at Tractable. “PartsTrader is regarded as one of the most innovative players in the collision industry and through our collaboration, we’ll open new paths for the industry to modernize claims through our combined superior data and AI capabilities.”
Mark Lindner, President of PartsTrader said, “Our collaboration with Tractable stands to redefine how insurers approach the full claims cycle. We're not only accelerating traditionally time-consuming tasks through our collaboration, we're also enabling insurers to optimize resource allocation and improve loss ratios. The future looks promising as we continue to explore the innovative ways our combined technologies can reshape the broader collision and insurance landscapes.”
As the world’s leading parts procurement marketplace, PartsTrader brings together repair shops, parts suppliers, and insurance carriers on one efficient, market-driven platform. PartsTrader’s competitive digital marketplace helps repair shops find the right parts for the right price and drives accurate decision-making regarding part-type and availability. Suppliers can quickly grow their market presence and instantly reach thousands of new shops while improving the way they serve their current customers. Insurance carriers gain access to valuable market data and insight into the parts procurement process, allowing them to increase accuracy and efficiency on every claim. PartsTrader LLC, based in Chicago, is privately held.
For more information or to schedule a demo please visit partstrader.com
Tractable is an Applied AI company that uses the speed and accuracy of artificial intelligence to visually assess cars and homes. Our solutions aim to help people work faster and smarter, while reducing friction and waste – better for businesses and the planet. Trained on millions of data points, Tractable’s AI-powered solutions process more than $7 billion in vehicle repairs and purchases annually, and connect everyone involved in insurance, repairs, and sales of cars and properties. Founded in 2014, Tractable is the AI tool of choice for over 20 world-leading insurance and automotive companies, including over 10 of the Fortune Global 500. Backed by SoftBank, Insight Partners and other top-tier investors, our world-class research and engineering team is based in London, with offices across North America, Asia and Europe.
To learn more about Tractable and schedule an AI demo, visit tractable.ai
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