When Ageas in the UK made the “Tractable” app available to customers it could not have imagined the kind of acceleration it would see in such a short period of time. Not only have more than 3,000 customers used the app, but Tractable has also seen up to three times the level of interest from global insurers compared to the previous year as they realise its potential to reduce contact points during the COVID-19 pandemic.
And more than that, the appeal of Tractable is increasingly being seen through strong customer feedback ratings including 4.6/5 for customer satisfaction, Excellent Trustpilot score of 4.5/5, Five-star Defaqto rating for standard Ageas Direct car product, and a Net Promoter Score of 64.2 vs industry average of 21.
Tractable uses artificial intelligence to assess damages and estimate repair costs in real time allowing claims to be settled faster and more efficiently and allowing customers to get back on the road more quickly. As the UK’s sixth-largest car insurer, Ageas developed the app with Tractable to make the auto claims experience easy for customers by speeding up claim-resolution times. But many other benefits have rapidly become apparent.
The app accelerates every part of the claims process. Policyholders submit photos to Tractable using a smartphone. Decisions on whether their car needs to be repaired or replaced are taken almost immediately, instead of waiting up to seven days for an engineer to assess it. Images go directly to the repairer, speeding up estimates. And end to end, from first call to replaced or repaired vehicle averages 8.9 days. With 70% of total loss claims settled in under 14 days. Customers are guided through the efficient, one-time process with speed and ease, and the process allows the customer to feel in control.
Tractable also has significant environmental benefits. It helps Ageas to evaluate and decide within minutes whether a customer’s damaged vehicle needs repairing or replacing. The app learns to determine more in favour of repair, rather than expensive or unnecessary replacement. Complementing this, Ageas has also introduced an initiative to repair vehicles using recycled car parts.
Ageas has also reduced its operational costs on every claim, from using the software to inform decisions to fewer unnecessary data-collecting loops back to the customer. And the software is bringing down the indemnity cost of claims.