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InsTech - insurance & innovation with Matthew Grant

Adrien Cohen: Co-founder & President, Tractable: Damage assessment with AI - fast, scalable, global (134)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.850 Ratings

🗓️ 18 April 2021

⏱️ 30 minutes

🧾️ Download transcript

Summary

Artificial intelligence has opened up a wealth of opportunities for both insurers and insurtechs, but turning AI’s vast potential into scalable, successful technology solutions is a major challenge. Tractable is a great example of a company that has managed to do it, with its AI solution for assessing vehicle damage now being used worldwide to process thousands of claims every day. Co-founder and President Adrien Cohen joins Matthew to discuss Tractable’s global growth, the challenges of working with AI, and what the company has planned for property insurance. Talking points include: Why insurance is a great use case for AI Data challenges and training AI systems Why insurers struggle to develop solutions in-house Spotting opportunities and expanding into different markets Convincing customers about new technology Sign up to the InsTech London newsletter for a fresh view on the world every Wednesday morning. If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. To claim 0.5 hours for this podcast, go to the Episode 134 page of the InsTech London website, or email [email protected].

Transcript

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0:00.0

Well, I reckon AI is one of the most overused words in Insuretake these days, and we are at risk of the hype getting ahead of the reality.

0:20.6

But that's not to say

0:21.5

that there are not some great companies out there that truly are using AI. Of course, that's artificial

0:27.1

intelligence at the heart of what they're doing. You've already spoken to a few. We've got more to come.

0:32.0

And today we're talking to Tractable, another company that is bringing speed and efficiency

0:36.6

into the assessment of images

0:38.3

that far exceeds anything a human could do.

0:41.3

Now, AI is still evolving and as we're about to hear from Adrian Cohen, one of the co-founders

0:45.3

of Tractable, it is in particular important for AI to be smart enough to figure out and tell you what it doesn't know.

0:52.3

Hello, Matthew Grant here, partner at Instate London,

0:55.0

and a warm welcome this week to all of our US listeners. You are not alone. Whilst we are broadcasting

1:00.1

from London, we are today working with companies from all around the world. And we know that

1:04.4

30% of you are listening in from the United States. Now, thanks if you've been in direct contact

1:09.6

by LinkedIn or email to tell us

1:11.0

what you think. Whilst we know where you are, we don't know who you are, at least not all of you.

1:15.6

So every little bit of that helps. Like all our episodes, there's something here for everyone,

1:20.0

building technology, growing a business, growing a business at speed, going global and a whole lot more.

1:25.1

So here's Adrian.

1:35.1

Adrian, really looking forward to this discussion.

1:39.9

It's always fascinating to talk to people that have founded businesses.

1:45.2

What I really like about tractable is you're another great example of a company that is using AI, which I think everyone by now should know means artificial intelligence, in a way that really is

1:49.9

genuine AI, it's not just fancy use of spreadsheets.

...

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