SoftBank Group has made a $65 million investment in Tractable, a UK AI firm specializing in insurance technology. This marks SoftBank’s first investment in a new AI company since 2019.
Tractable utilizes AI to assist insurance companies in assessing claim risks. By analyzing images and videos of property and vehicle damages, the company’s technology aids insurers in making informed decisions.
SoftBank’s investment will support Tractable’s expansion and the development of new AI-powered products. The funds will be allocated towards hiring additional engineers and data scientists, as well as expanding sales and marketing efforts.
This investment in Tractable signifies SoftBank’s renewed interest in AI companies, following a reduction in investments after the Vision Fund’s collapse in 2019.
Moreover, SoftBank’s investment in Tractable demonstrates their continued focus on the insurance industry. In 2020, SoftBank invested in Lemonade and has made multiple investments in insurance companies in recent years.
The investment in Tractable serves as a compelling example of AI’s positive impact on the insurance industry. By leveraging AI, insurers can enhance the accuracy and efficiency of claim assessments, leading to cost savings and improved customer experiences.
