Company: Sprout.ai
Founder: Roi Amir
Website: https://sprout.ai/
Business: Sprout.ai is an end-to-end claims automation technology solution for the insurance industry.
About Roi and Sprout.ai
Founded in 2018, Sprout.ai is an end-to-end claims automation technology solution for the insurance industry. Working in partnership with major insurers, Sprout.ai builds groundbreaking AI and data-led products to automate the claims process for customers. So far, the insurtech has raised $15 million to date from top tier investors including Octopus Ventures, Amadeus Capital Partners and Playfair Capital.
Sprout.ai’s vision is to provide a frictionless claims experience and empower intelligent claims decisions. The insurance and claims industry is notorious for being clunky, outdated and slow. At a time when you’re emotionally and financially vulnerable, this is often frustrating and stressful.
Sprout.ai enables insurers to make a decision on a customers’ claim, in near real-time. Not only this, but Sprout.ai has further developed its AI technology to read character-based languages, including Chinese and Japanese, which are known to be the most difficult for AI systems to understand.
The patented and data-led technology is able to extract and enhance the relevant claims data at an accuracy rate of 98%, in order to conclude the claim in near real-time, whilst the handler is on the phone to the insurance customer. Sprout.ai offers benefits for insurers and customers alike. 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.
With Sprout.ai, Zurich UK has been able to settle 45% of customer claims in real time, whether this be on the phone to the customer, or digitally interacting with them. For claims that are not settled in real time Sprout.ai increased by 10% the ones that are settled within five days of initial submission. Amy Bettrell, Head of Customer and UK Claims at Zurich UK, said that Sprout.ai “is the most exciting innovation I have seen in 14 years. By combining our experience with Sprout.ai’s innovative approach, we have been able to co-create a solution that will change the game for our handlers and customers.”
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