Founder(s): Niels Thone and Raphael Guth
Description: Providing AI-powered fraud detection and claims automation for the insurance industry.
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.
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.