AI to the Rescue

Even though we are witnessing the unfolding of a phase where people are more mentally apt than their predecessors have ever been, there still remains a lack of awareness. We think we understand the world, but in all honesty, that’s not the case. Rarely are we able to figure out how to direct the forces around us in a way that elevates us to the best of its potential. This glaring problem means that, more often than not, we miss out on opportunities that really don’t come thick and fast. Yes, we can produce something special that goes beyond people’s imagination, but that hardly means our methodologies are outright optimal. Nevertheless, technology is out to change that. For the first time ever, the real potential of something is highly visible to us, and even the humans with limited awareness know what all be achieved with the help of it. We are finally realizing the kind of power we hold, and that knowledge is now fundamentally universal.

Technology has given us a sense of control over almost everything. It’s like a clear blueprint to success. However, there are still some things that technology cannot directly orchestrate, and loss recovery for insurance companies is one of them.

Despite the fact that insurtech has become a raging trend over the recent past, there have been no concrete solution for the problems that are faced by insurance providers around subrogation. The time-consuming, opaque, and labor-intensive nature of the current subrogation method has spelled all sorts of problems for an industry that is investing billions in its bid to embrace auto insurance. Luckily, the sector finally has an answer in Tractable’s latest creation, AI Subro.

AI Subro is designed to provide a digital framework within which subrogation process can function at a refined pace. The AI-driven product ensures that the long-standing need of outsourcing the process is also eliminated as it allows the insurers to carry out the needful tasks accurately and efficiently on their own, thus enhancing the firm’s independence. Another major benefit of AI Subro is that by streamlining the process, it leads the insurers towards better loss recoveries and healthier loss ratios, which eventually bodes well the policyholders. The kind of transparency AI Subro brings for the insurance provider and its counterparty helps in avoiding arbitration and encourages quicker proceedings from an overall standpoint.