Company: Sprout
Founders: Raphael Guth; Niels Thone (CEO, pictured), 2018
Website: https://sprout.ai/
Business: Insurtech startup developing proprietary computer vision and natural language processing technology built specifically for the insurance industry.
About Sprout
Sprout is a fast-growth insurtech startup that is reimagining the claims process for the customers of insurance giants across the world. Since its creation in 2018, Sprout has developed proprietary computer vision and natural language processing (NLP) technology built specifically for the insurance industry.
Sprout’s OCR (optical character recognition) – that converts images of text into character-code data – is capable of superhuman levels of accuracy, is 35-60% more accurate than Google’s, and currently has a patent pending. This enabled Sprout to be the first to deliver a frictionless, end-to-end automated solution, from the moment a claim is made to the final settlement.
Sprout’s AI system recognises handwritten content in claims documents (such as forms and invoices), and can automatically prioritise, triage and direct this data, with any inconsistent claims flagged to the claims handler.
Sprout offers benefits for insurers and customers alike. For insurers, their technology unlocks true end-to-end claims automation leading to improved efficiency and reduced costs.
For customers, Sprout dramatically improves their claims experience by enabling clear outcomes and delivering a smoother and faster experience at a time when they are at their most vulnerable. The time taken to process a claim is reduced from an average of 30 days, to near real-time.
Onboarding Sprout has already positively impacted clients, especially around three points. Claims handlers are no longer constrained by the magnitude of documentation associated with each claim, leaving them with more time to spend with customers, where human touch and empathy can make a real difference for a customer. Reviewing policy documents, which used to take handlers at least 30 minutes per claim, can now be done in seconds.
Sprout’s technology’s OCR is 96.2% accurate in analysing handwritten words and phrases in a semi-structured format. For their client Zurich, Sprout’s solution increased the accuracy of policy checking by at least 5%, compared to human-only-led processing. It has cut settlement decisions, whilst providing an extra layer of clarity on the outcome.
Finally, Sprout has supported claims handlers’ efforts to make their decision-making process more transparent. Sprout’s tool has been built to ensure that the rationale behind the AI’s decision-making process is clear, simple to understand and transparent for handlers. The biggest lesson the Sprout team has learnt since its inception is the importance of being aware of the team’s capabilities. As much as Sprout would want onboard all insurance giants’ that have been interested in their technology, it was not possible to drop everything and take on all projects, because it would detract from the key products Sprout is building and be detrimental to the company.
Sprout’s mission is to provide technology that helps as many people as possible when they are at their most vulnerable. In a few years Sprout want to be a unicorn with a valuation of over £1 billion, increase profit for the company and investors. Sprout also wants to become a role model for job creation for all types of neurodiverse people globally.
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