Tractable and PartsTrader Launch Strategic Partnership
Tractable and PartsTrader Launch Strategic Partnership to Bolster
Automotive Industry’s AI-powered Claims Capabilities
- PartsTrader and Tractable are teaming up in a first-of-its-kind industry
partnership, combining the power of Tractable’s award-winning AI with
PartsTrader’s market-leading auto parts data
- The companies will launch the partnership with the integration of PartsTrader’s
historical parts pricing data into Tractable’s Auto Reviewer solution, allowing
insurers to verify third-party claims accuracy to ensure correct auto parts were
used and appropriately sourced during the repair process
NEW YORK, NY – October 17, 2023: PartsTrader, the leading cloud-based auto parts
procurement platform for the collision repair industry, and Tractable, an artificial
intelligence (AI) leader using computer vision to assess the condition of cars, have
formed a strategic partnership to bolster how the industry uses AI to process claims.
The groundbreaking 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 enables a more deeply
collaborative repair ecosystem that 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 that 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.”
As the world’s leading parts procurement marketplace, PartsTrader brings together
repair shops, parts suppliers, and insurance carriers on one efficient, market-driven
platform. PartsTrader’s competitive digital marketplace helps repair shops find the right
parts for the right price and drives accurate decision-making regarding part-type and
availability. Suppliers can quickly grow their market presence and instantly reach
thousands of new shops while improving the way they serve their current customers.
Insurance carriers gain access to valuable market data and insight into the parts
procurement process, allowing them to increase accuracy and efficiency on every
claim. PartsTrader LLC, based in Chicago, is privately held.
For more information or to schedule a demo please visit partstrader.com
Tractable is an Applied AI company that uses the speed and accuracy of artificial
intelligence to visually assess cars and homes. Our solutions aim to help people work
faster and smarter, while reducing friction and waste – better for businesses and the
planet. Trained on millions of data points, Tractable’s AI-powered solutions process
more than $7 billion in vehicle repairs and purchases annually, and connect everyone
involved in insurance, repairs, and sales of cars and properties. Founded in 2014,
Tractable is the AI tool of choice for over 20 world-leading insurance and automotive
companies, including over 10 of the Fortune Global 500. Backed by SoftBank, Insight
Partners and other top-tier investors, our world-class research and engineering team is
based in London, with offices across North America, Asia and Europe.
To learn more about Tractable and schedule an AI demo, visit tractable.ai
You can also follow us on LinkedIn and Twitter.
To learn more about this partnership, visit Repairer Driven News.