SoftBank puts $65m in AI company

SoftBank Group, a Japanese multinational conglomerate, has made a significant investment of $65 million in Tractable, a British insurance technology company specialising in AI-powered assessment of insurance claims through photographs. The news was reported by the Nikkei Business Daily on Tuesday.

SoftBank’s CEO, Masayoshi Son, previously announced the company’s intention to transition into “offence mode” as artificial intelligence garners attention from global investors. Following substantial losses incurred by SoftBank’s Vision Fund investment arm, the group had reduced the volume of new investments in 2022 in an effort to recover.

Tractable’s innovative technology, which utilises AI algorithms to analyse photos and assess insurance claims, aligns with SoftBank’s strategic focus on AI-driven solutions. This investment strengthens SoftBank’s portfolio and demonstrates its confidence in Tractable’s capabilities within the insurance industry.

The collaboration between SoftBank and Tractable reflects the growing prominence of AI in the insurance sector, as companies seek efficient and accurate methods to assess claims and streamline processes. Tractable’s AI-driven platform empowers insurers to enhance claim assessments, expedite settlement processes, and deliver improved customer experiences.

SoftBank’s investment in Tractable represents a mutually beneficial partnership that leverages the synergies between technology and insurance expertise. As SoftBank continues to explore opportunities in AI, this strategic investment reinforces its commitment to advancing transformative technologies and their application in various industries, including insurance.