Company: Sprout AI
Founder: Niels Thoné and Raphael Guth
Description: Allows insurers to process claims in 24 hours, not the average of 25 days
Sprout.ai (formerly BlockClaim) began in London in 2018 after seeing that there was a clear shift needed in the insurance industry.
A survey noted by Insurance Business found that 27.9% of people in the UK find the insurance sector as the worst industry for customer service. Sprout.ai understands that insurance customers are at their most vulnerable when they submit insurance claims.
Sprout.ai pride themselves on empowering insurers to process claims in 24 hours instead of the 25 days (UK average), whilst providing superhuman accuracy rates, +98%, on claim recommendations to make sure customers receive the right outcome every time.
Sprout.ai are an industry-first advanced claims automation solution, harnessing the power of OCR and NLP technologies to revolutionise the insurance experience for global insurers and their consumers alike.
Optical Character Recognition (OCR) and Natural Language Processing (NLP) technologies enables the proprietary engine to read, contextualise and action insurance claims. The document processing solution reads and extracts from hundreds of raw document variations, such as handwritten doctors notes.
Sprout.ai then contextualise their findings to understand what information has been extracted, allowing the proprietary AI engine to provide what it calls ‘Explainable AI’ to their users. This gives clear reasoning and full transparency as to why a certain ‘next best step’ recommendation has been delivered at every step of the claim journey, resulting in a vastly improved customer experience. Sprout.ai’s solution will deliver 1 of 4 recommendations to handlers; settle, repudiate, send to the fraud team or request missing information.
Sprout.ai plans to spend the rest of 2021 delivering their solution to 4 global top 10 insurers in 3 continents. The business have seen crazy demand for their solution and focused on speeding up customer onboarding and pipeline deployment to make sure insurers receive their solution as soon as possible.