PZU is first Polish insurer to use Tractable's AI To analyse auto damage
NEW YORK, Nov. 27, 2020 /PRNewswire/ -- PZU, the largest financial institution in Central and Eastern Europe, is using AI to enhance how it reviews its car insurance claims across Poland, it announces today.
PZU handles nearly 500,000 motor damage claims per year. Before implementing AI, Poland's largest insurer was performing a detailed review of around 20 per cent of its motor claims that are handled by body shops (the remaining body shop cases were approved with simplified control).
Now, the AI solutions - provided by the tech company Tractable - allow PZU to check in detail nearly all of the body shop claims it processes, in real time. The algorithms can detect any anomalies that need to be checked by PZU's experts or confirm that all repairs are carried out in compliance with procedures and standards defined by PZU. Thanks to this advance, PZU's experts are able to focus on those cases that really need their attention.
PZU has worked with Tractable since 2018 and is the first insurer in Poland to use AI to process its motor insurance claims. So far, the technology has handled over 150,000 claims, or 1/3 of PZU's yearly auto claims volume, worth PLN 1.3bn (£260m). According to PZU, the applied solution has made claims handling significantly more effective, while also shortening the waiting time for vehicle repair.
Marcin Kurczab, Director of Innovation Lab at PZU, and responsible for cooperation with start-ups, said: "At PZU, we strongly believe in cooperation with top insurtech startups to transform our business. I am pleased that together with Tractable, we have implemented innovative computer vision technology. Now, we are able to better control our cooperation with body shops and resolve any anomalies in a much more efficient way than ever before. We are pleased not only with the success of the project, but also with the fact that, as the first insurer in Poland, we have implemented this unique technology on such a scale in cooperation with a leading UK tech company."
Founded in 1803, PZU is the oldest and largest insurer in Poland, with record-breaking profit and sales in 2019. Net profit totalled PLN 3,295m (£667m), sales totalled PLN 24.2bn (£4,91bn), and ROE was 21.2 per cent, nearly double the European average among insurance companies.
Adrien Cohen, Tractable Co-Founder and President, said: "It's been incredible to see how PZU, one of the most respected companies in Poland, has deployed our cutting-edge solution on a large scale. This proves PZU's dedication to innovation and placing it amongst the most advanced insurers in the world. Our solution gives PZU control over 100% of its repairs and claims, all in real time, thanks to the speed and reach of AI."
Tractable's AI uses machine learning algorithms and is trained on photos and human repair decisions across millions of historical accidents. The technology can be applied globally to any passenger vehicle. The AI enables insurers to assess car damage, shares recommended repair operations, and guides the claims management process to ensure these are processed and settled as quickly as possible. The system continually improves as more and more insurers and repairers benefit from its use.
Tractable's AI has processed over $1 billion in auto claims for the world's top insurers, including Ageas UK, Covéa, the largest auto insurer in the French market, and Tokio Marine, the largest auto insurer in Japan.
About Tractable:
Tractable develops artificial intelligence systems for accident and disaster recovery. Its AI solutions have been deployed by leading insurers across Europe, North America and Asia to accelerate accident recovery for hundreds of thousands of households. Tractable is backed by $55m in venture capital and has offices in London, New York City and Tokyo.
About PZU:
The Powszechny Zakład Ubezpieczeń SA Group (PZU Group) is the biggest financial institution in Poland and Central and Eastern Europe. PZU SA heads up the group and its traditions date back to 1803, when the first insurance company was established in Poland.
The PZU Group's consolidated assets total PLN 377bn. The Group enjoys the trust of 22 million clients in five countries by offering products and rendering services to retail clients, small and medium enterprises and business entities. The Polish market is the PZU Group's core market measured by its magnitude and client numbers. Nevertheless, its subsidiaries play an important role on the markets in Lithuania, Latvia, Estonia and Ukraine. According to spontaneous brand recognition surveys, PZU reached 92%, while aided brand recognition is 100%, making PZU the most recognisable brand in Poland. Since 2010, PZU SA has been listed on the Warsaw Stock Exchange, where it has been one of the large cap blue chips offering the highest amount of liquidity from its floatation.
SOURCE Tractable
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