4 years ago

Sprout.ai Raises £8 Million to Speed Up Insurance Claims Processing

  • Sprout.ai, a London-based insurtech company, has secured £8 million in Series A funding led by Octopus Ventures

  • The investment will be used to support hiring, grow enterprise sales and partner networks, and accelerate pipeline deployment and customer onboarding

  • Sprout.ai aims to revolutionize customer service within global claims automation by providing insurers with an AI-powered solution that processes claims in 24 hours

  • The company's technology utilizes Natural Language Processing (NLP) and Optical Character Recognition (OCR) to read, contextualize, and action insurance claims, significantly improving speed and accuracy in decision-making

  • Sprout.ai's solution has gained traction with global insurers such as Zurich, who are looking for innovative ways to enhance the customer experience during claims.

      • ProblemTechnology

      "Insurance claims processing is slow and inefficient, causing frustration for customers and insurers alike. Customers often have to wait weeks or even months for their claims to be processed, and insurers face high operational costs and inefficiencies."

      Solution

      "Sprout.ai uses AI-powered claims automation to streamline the claims process, enabling insurers to process claims in a fraction of the time. Their technology uses Natural Language Processing (NLP) and Optical Character Recognition (OCR) to read, contextualize, and action insurance claims, improving speed and accuracy in decision-making. This allows insurers to focus on customer needs and reduce operational expenses."

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