Maryland, U.S. — Geico—the no. 2 auto insurer in the United States—will use Tractable AI Review photo estimating to re-check estimates, according to a press release from Tractable.
“GEICO customers know us for our speed of service and value,” GEICO CEO Todd Combs said in a statement Wednesday. “Tractable’s artificial intelligence solution delivers both, helping us review estimates more quickly and accurately, getting our customers back on the road faster.”
Tractable says estimates performed via AI Review can cut eight days out of cycle times and find “$80 additional variance…per claim, thanks to AI consistency.” It says 70 percent of claims, on average, can be reviewed without human involvement.
While Geico auto insurance is not available to Canadian drivers, the move could prompt other insurers to introduce similar measures.
According to Mitchell International’s 2021 Q1 Trends Report, the pandemic had accelerated auto insurers’ pace toward the so-called “Holy Grail” of claims—touchless estimates. However, the company admitted that the need for human intervention in the claims process still remains necessary in 2021.
“While technology advancements have led to increased automation, the need for human oversight and intervention remains necessary. Furthermore, the infrastructure and regulation required to support a completely automated end-to-end system are still evolving,” wrote Mitchell.