By
Darya Rudz
August 14th, 2023
With this investment, SoftBank Group and Tractable are poised to reshape the future of insurance through the power of AI.
In a significant move that highlights the growing influence of Artificial Intelligence (AI) in the insurance industry, SoftBank Group Corp (TYO: 9984) has recently invested a staggering $65 million in the British company Tractable Ltd.
The investment from SoftBank Group, a renowned global technology conglomerate, underscores the increasing importance of AI in the insurance sector. Tractable, an insurance technology firm, specializes in leveraging AI to assess insurance claims through the analysis of photographs.
Tractable has earned prominence in recent years by inventing cutting-edge AI algorithms that can scan photographs of damaged vehicles and determine the amount of damage. With this latest investment, Tractable aims to further enhance its AI capabilities and expand its reach in the insurance industry.
The substantial funding injection from SoftBank Group will enable Tractable to accelerate its research and development efforts, improve its algorithms, and scale its operations globally.
The partnership between SoftBank Group and Tractable also holds promise for the future of insurance. As AI continues to advance, Tractable’s technology can be expanded to assess claims in other areas, such as property damage, personal injury, and more.
The ability to analyze visual data quickly and accurately has the potential to revolutionize the entire insurance industry, enabling insurers to better manage risks, reduce fraud, and enhance customer satisfaction. With this investment, SoftBank Group and Tractable are poised to reshape the future of insurance through the power of AI.
SoftBank Accelerates Its AI Strategy beyond Tractable
In a strategic move that aligns with its commitment to harness the potential of artificial intelligence, SoftBank Group has announced its shift to “offense mode”. This decision comes as AI continues to captivate the attention of global investors.
SoftBank CEO Masayoshi Son has said the bank aims to leverage the transformative power of AI to drive growth and recovery after experiencing substantial losses in its Vision Fund investing arm. The Vision Fund, which had faced significant setbacks, compelled SoftBank Group to reevaluate its investment strategies. As part of this recovery process, the conglomerate reduced the volume of new investments.
However, with the rise of AI and its growing impact on various industries, SoftBank now recognizes the immense potential and intends to seize the opportunities presented by this technology.
SoftBank Group’s renewed focus on AI is driven by the belief that this technology has the potential to revolutionize multiple industries, including finance, healthcare, manufacturing, and transportation. By investing in AI-driven companies like Tractable, SoftBank aims to play a significant role in shaping the future of these industries while generating substantial returns for its investors
Besides the investment in software AI firms, Softbank also has a more diversified agenda. Arm Lt, one of the company’s subsidiaries is also collaborating with manufacturing partners to ramp up the production of semiconductors. Accordingly, Arm announced a strategic agreement with Intel Foundry Services (IFS) to enable chip designers to construct low-power computation system-on-chips (SoCs) on the Intel 18A technology.
