AI for Insurance

Updated: March 14, 2020

2020. Insurance AI startup Synthesized raises $2.8M

Synthesized, the U.K. startup that tries to reduce friction on preparing all the data that’s needed, to enable insurers to share data safely, complying with regulations, has now raised $2.8 million in a new round of funding. The more that happens, the more innovation can happen, such as insuring for a low-carbon economy, something that will become increasingly important. Synthesized’s ability to create multiple, balanced data sets in a flexible way gives organizations and their customers the confidence they need in deployed production systems, while also greatly speeding up the development process. Synthesized competes in various ways with products from Gretel AI, Snorkel, Tonic AI, Hazy and Mostly AI.

2020. Tractable claims $25M to sell damage-assessing AIs to insurance giants

London-based insurtech AI startup Tractable, which is applying artificial intelligence to speed up accident and disaster recovery by using computer vision to perform visual damage appraisal instead of getting humans to do the job, has closed a $25 million Series C. The company’s aim is to speed up insurance-related response times around events like car accidents and natural disasters by as much as 10x. Tractable’s pitch is that AI appraisals of damage to vehicles/property can take place via its platform “in minutes”, thereby allowing for repairs to begin sooner and people’s livelihoods to be restored more quickly. Its current product line up includes AI for assessing damage to vehicles and another focused on the appraisal of damage caused by natural disasters, such as to buildings by hurricanes.