British start-up Tractable, which uses artificial intelligence to help motor insurers manage claims and accidents, has just achieved unicorn status following a major fund-raising round. The company aims to strengthen its presence on the French market. Let's take a closer look at this European insurtech.
600% growth in two years
Tractable assurtech was founded in the UK in 2014 by three entrepreneurs: a Romanian, Razvan Ranca, and two Frenchmen, Adrien Cohen and Alexandre Dalyac.
Tractable offers an artificial intelligence service to car insurers, enabling them to process claims and accidents more quickly. In concrete terms, the software developed by the 3 entrepreneurs analyzes the photos sent by policyholders in real time, and tells insurers in a matter of seconds what repairs need to be carried out.
They are then able to estimate the cost of repairs and process cases much more quickly than under normal circumstances.
In 2 years, Tractable has seen its sales increase by 600%, thanks to the signing of contracts in several countries. In June, the British insurtech completed a $60 million fund-raising round. Valued at one billion dollars, Tractable has achieved unicorn status and is looking to accelerate its growth, particularly in the French market.
France, Tractable's 3rd largest market
France is currently the 3rd largest market for British insurtech, preceded by Japan and the USA. Other start-ups are already offering French insurers solutions based on artificial intelligence, such as Shift Technology, a French unicorn specializing in fraud detection.
Tractable's customers already include Covéa, France's leading motor insurer, which owns the MAAF, GMF and MMA brands. Covéa has already announced its intention to use the software developed by Tractable with a vast network of partner repairers.
For its part, the British start-up said it was currently in discussions with "two very large insurance players" in France, as its president, Adrien Cohen, put it. He also indicated that he was investing heavily in the French market.
Tractable wants to develop new solutions, again based on artificial intelligence, to help policyholders better understand the nature and reason for repairs, in order to guarantee greater transparency.
The start-up also intends to accelerate its development in Japan and Latin America.