Four steps to appraisal heaven (Source: Tractable / TechCrunch)
Car accidents suck.
And, if you are lucky enough to get out of one in good health, you still have to deal with insurance companies.
Enter Tractable, a startup that uses AI-powered computer vision to do remote damage appraisals. Per TechCrunch, it just raised $60m (at a $1B valuation) to make our post-accident life easier.
People use a smartphone camera to survey vehicle damage, and Tractable immediately spits out an evaluation, which the company says could be a 10x speed improvement over the current teeth-pulling process.
With the tech, the startup is partnered with 20+ of the world’s top 100 insurers and sales are up 6x in the past 2 years (“well into 8 figures”).
Tractable’s automated approach is a boon for its biggest market: Japan, which has an older (and mobile-friendly) population. But the startup expects the US to take the top spot soon.
The powerful imaging tech can provide:
In fact, Tractable says its appraisal tool has been used to help recycle as many cars as Tesla sold in 2019 (~368k cars). We actually can’t tell if that’s actually an impressive feat or a jab at Tesla.