Concept: British visual assessment and disaster recovery startup Tractable has unveiled AI Inspection, a solution that precisely assesses the external condition of a vehicle’s body within minutes. The solution ramps up any procedure that involves inspecting a vehicle’s condition, such as acquiring or selling, returning a rental or lease, or recycling parts at the end of a vehicle’s life cycle along with underwriting a new insurance policy.
Nature of Disruption: AI Inspection is a mobile-friendly web-based app that allows anybody with a smartphone to swiftly and easily analyze a vehicle in the time it takes to walk once around the automobile, regardless of condition. It leverages deep learning for computer vision to determine which parts of an automobile, if any, are damaged when a video is uploaded. The AI can also engage with the person filming the video to ask for specific extra information on the spot, ensuring that the health of the automobile is accurately documented and that the AI evaluation is accurate and supported by photographic proof. To guarantee that the complete status of the appropriate automobile is captured, Tractable employs a combination of live-guided video recording and thorough AI fraud checks for AI Inspection. This is accomplished within the app itself, using the mobile phone’s processing capacity. The app gives users immediate access to Tractable’s AI platform, which has been trained on hundreds of millions of images to understand auto damage like a human assessor and is seemingly trusted by more than 20 of the world’s leading insurers and automotive companies to help them recover faster after an accident. Furthermore, the solution transforms processes that are typically performed by an on-site inspector, like inspecting a vehicle’s condition, into processes that can be performed remotely and accurately by an end-user, resulting in significantly faster results, reduced transportation costs and time, and a better customer experience.
Outlook: With AI Inspection, Tractable has created an AI tool that is not only capable of precisely analyzing the exterior condition of a vehicle’s body, but can also be carried around in the smartphone. This technical achievement puts expert-level assessment to anyone – meaning comprehending a vehicle’s condition is not only more efficient but is also more transparent. AI Inspection is available in North America for now- where Tractable’s core AI technology has already been deployed to millions of vehicles, including to accelerate vehicle salvage and parts recycling – and in Japan. The startup has become UK’s first computer vision unicorn with $60M funding in Series D round led by Insight Partners and Georgian.