PartsTrader’s data will be integrated with Tractable Auto Reviewer to ensure the right auto parts were used and appropriately sourced during the repair process.
PartsTrader, a cloud-based auto parts procurement platform, and Tractable, which uses artificial intelligence (AI) to assess the condition of cars, have formed a strategic partnership to bolster how the industry uses AI to process claims.
The collaboration will launch with the integration of PartsTrader’s historical parts price data into Tractable’s Auto Reviewer solution, enabling insurers to automate and optimize the review of subrogation claims to ensure repair costs are both accurate and fair.
The partnership between PartsTrader and Tractable leverages the latest technology and most comprehensive data available. In the coming months, the companies will collaborate on additional product integrations that streamline and accelerate the claims process to benefit both insurers and policyholders.
Tractable’s Auto Reviewer solution uses AI to accelerate subrogation, a claims process through which insurers determine cost responsibilities in multi-party claims, and which demands meticulous accuracy and consistency. Historically, this has required manual, time-intensive checks by adjusters. Now, with the industry’s first complete subrogation solution powered by AI, PartsTrader’s market-leading data will be integrated with Tractable Auto Reviewer to ensure the right auto parts were used and appropriately sourced during the repair process, and that costs reflect pricing and availability consistent with the timing of the accident.
“Right now, every leading P&C insurer is eager to explore AI solutions that will drive more efficient operations across their entire claims business, and until our collaboration with PartsTrader, there hasn’t been a solution that could yield this level of critical, data-driven insight in AI claims review,” said Lauren Caruso, SVP of global sales at Tractable. “PartsTrader is regarded as one of the most innovative players in the collision industry and through our collaboration, we’ll open new paths for the industry to modernize claims through our combined superior data and AI capabilities.”
Mark Lindner, president of PartsTrader said, “Our collaboration with Tractable stands to redefine how insurers approach the full claims cycle. We're not only accelerating traditionally time-consuming tasks through our collaboration, we're also enabling insurers to optimize resource allocation and improve loss ratios. The future looks promising as we continue to explore the innovative ways our combined technologies can reshape the broader collision and insurance landscapes.”
Abby Andrews