2 years ago

Sprout.ai Secures £4.5 Million to Automate Insurance Claims

  • Sprout.ai, a London-based AI-led insurance claims automation company, has raised £4.5 million in funding led by Amadeus Capital Partners and Praetura Ventures

  • The investment will be used to drive the company's go-to-market strategy, accelerate growth, invest in product innovation and AI, and expand into new insurance lines and global territories, including North America

  • Sprout.ai specializes in claims process automation, helping insurance carriers and third-party administrators (TPAs) increase operational efficiency and reduce claim handling costs

  • The company provides services to a range of global partners, including AdvanceCare, MetLife, and Generali.

      • ProblemTechnology

      "Insurance claims handling is slow, expensive and inefficient because it relies on manual processes and paper-based forms. Claims handlers spend too much time on tedious tasks, leading to high costs and long wait times for customers. "

      Solution

      "Sprout.ai automates parts of the insurance claims process using AI, reducing handling costs and settlement times. Its software accurately extracts and contextualises claims information and compares it to policy coverage, enabling claims handlers to spend more time with customers."

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