Sprout.ai, an insurtech that enables insurance claims to be settled within just 24 hours, has announced £8m in Series A funding. The round was led by one of Europe’s largest and most active early-stage investors, Octopus Ventures, and was joined by existing investors, Amadeus Capital Partners, Playfair Capital and Techstars.
Sprout.ai is an advanced claims automation solution harnessing the power of Contextual AI to revolutionise the insurance claims experience for global insurers and their consumers alike. The engine provides global insurers, such as Zurich, with a product that solves their claim workflow problems with state-of-the-art AI techniques such as Natural Language Processing (NLP) and Optical Character Recognition (OCR).
These technologies enable Sprout.ai’s proprietary engine to read, contextualise and action insurance claims, significantly improving speed and accuracy in decision-making. Its document processing has been developed specifically for the insurance sector to deal with hundreds of raw document variations, such as handwritten doctors’ notes. Sprout.ai’s proprietary Intelligent OCR is best in its class, specialised in working with unstructured and handwritten data.
Sprout.ai contextualises their findings to understand what information has been extracted, allowing the proprietary AI engine to provide what it calls ‘Explainable AI’ to its 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.
Sprout.ai is revolutionising the customer service offering in the insurance sphere, reducing the time taken to process individual claims from 30 days to just 24 hours. The huge time saving it offers has helped the company attract attention from a number of large insurers across the world including Zurich, with demand increasing significantly since the pandemic began. It now has deployments across three continents, including Europe, South America and APAC.
Niels Thoné, CEO of Sprout.ai, commented: “Sprout.ai’s mission is to revolutionise customer service within global claims automation. Our innovative and industry leading AI claims engine is poised to solve the current market inefficiencies, allowing insurers to focus on customers in their moments of need.
By combining document processing and contextualisation, we have created a vastly superior technical product, making us strongly placed as the market leader. We’ve already seen exceptional levels of interest from global insurers in the last 12 months, who are increasingly looking to automate their claims journey. This funding will allow us to keep scaling to meet that demand.”