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Tuesday, 10 March 2020 15:45

Tractable Secures $25M in Funding, CEO Shares Grand Vision for Collision Repair Industry

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"Our software can also instantly audit an estimate to ensure it’s in line with insurer standards. The A.I. processes much of the shop’s operational paperwork and can save shops time and effort."
 
Since Tractable announced its A.I. offering for collision repairers at SEMA 2019, Kheyfets said, it has received a significant amount of demand from the collision repair industry, including from repairers. 
 
“A.I. is new to the collision repair ecosystem, and as with any new technology, some folks are very excited by the potential and value they see, while others are more cautious and will wait for widespread adoption before moving forward," Kheyfets said, "We’re very excited about how much enthusiasm we’re seeing from shops.”
 
Currently, several major MSOs are testing Tractable’s A.I. technology in hopes of streamlining their operations and reducing their supplement rates. 
 
Although Dalyac believes it makes a lot of sense to start with these larger companies, he’s happy the company has received interest from independent collision repair facilities as well, and he’s hopeful the most recent round of funding will help Tractable pursue that level of business more actively.
 
“Much of the marketing around A.I. entering the collision repair ecosystem is centered around insurers, but a lot of shops have asked if A.I. is for them too---the answer is yes!" Dalyac said. "We want every player in the industry, including repairers, to have their own A.I., which they can calibrate to meet the demands of their individual business.”
 
Tractable is also working with the salvage industry and announced partnerships with LKQ and the Auto Body Parts Association in September 2019.
 
“These partnerships are an exciting step forward for Tractable as we aid accident and disaster recovery with A.I.," Dalyac said. "Auto appraisal is a key decision-making point throughout the auto claim and fulfilment process." 
 
Dalyac said a visual A.I. assessment means many necessary decisions can now occur sooner---for example, as soon as the driver submits photos of their car. 
 
"With A.I. and these partnerships, every American consumer can now have an unbiased auto appraiser on their phone, in their pocket,” Dalyac said.
 
Dalyac sees Tractable’s collaboration with salvage yards as having “A.I. training potential,” since seeing what happened under the vehicle’s surface will ultimately train the software to predict total losses sooner. 
 
“Our vision is for all players in the collision ecosystem to have their own A.I. from Tractable and be able to calibrate it as needed," Dalyac said. "We want Tractable to bring value to insurers as well as collision repairers, parts centers, salvage yards and every other segment of the industry.”
 
Dalyac said different kinds of lighting and other conditions can impact the A.I.’s accuracy, and Tractable wants its software to work accurately in all those conditions.
 
"Tractable’s A.I. can pretty much predict all the necessary operations---R&I, repair times, paint---but we want to continue developing its robustness, so we’ll continue to invest in improving the software," Dalyac said. "We’re also increasing the auxiliary parts it can read so it will be very precise and shops will love it.”