Insurance tech firm Sprout.ai secures $2.5m in additional seed funding

By Akshay Kedari  | Date: 2020-04-17

Insurance tech firm Sprout.ai secures $2.5m in additional seed funding

Sprouts.ai, which is an insurtech incubated in the Imperial College of London and is applying artificial intelligence to insurance claims, has reportedly raised $2.5 million in new seed funding. Amadeus Capital Partners is leading the funding round, along with the participation of Playfair Capital as well as Techstars.

Sprout.ai was founded in 2018 and has created software that is AI-based and assures that it enables various insurance claims to be managed and settled within a time period of 24 hours. It specially uses optical character recognition and even natural language processing to clearly understand all the unstructured data related to insurance claims.

It further combines them with real-time external data like geolocation, medication information, weather, business, to either automate or escalate these for a further human analysis.

The CEO and co-founder of Sprout.ai, Niels Thone stated that the company aims to help the insurers to be able to pay out more successful claims within a span of 24 hours. The average time for claim settlement in the U.K currently has been 25 days.

Such issues are mostly caused by the dearth of information in the beginning of the claims as well as various touchpoints throughout the journey. It usually ends up with two problems, that are high operational costs and bad customer experience.

Insurance firms are capable of plugging the existing systems into the Contextual AI solution of Sprouts.ai to remedy the situation. This provides a complete data capture at the very beginning of the claims process and further validates the incoming claims while also predicting the next mandatory step of the process.

The claims bulk is then sent straight via processing which leads to them being settled in record time. Claim handlers have to primarily focus only on the complex ones which would require a specialized set of skills.

 

Source Credit- https://usa-sciencenews.com/2020/04/16/sprout-ai-raises-2-5m-to-speed-up-insurance-claims/

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Saudi’s Seera Group, Air Connectivity Program ally to drive tourism air connectivity

Saudi’s Seera Group, Air Connectivity Program ally to drive tourism air connectivity

By Akshay Kedari

Saudi’s Seera Group, a reimagined Al Tayyar Travel Group, has reportedly collaborated with the Saudi Air Connectivity Program, an initiative the government took to enhance and develop tourism air connectivity in the kingdom. Apparently, Seer...

Bayer sells environmental science biz to Indian firm for $13.5 million

Bayer sells environmental science biz to Indian firm for $13.5 million

By Akshay Kedari

German multinational pharmaceutical and biotechnology company, Bayer CropScience recently stated that its board has given the go-ahead for selling its Environmental Science Business to 2022 ES Discovery India, a private Indian company. The deal wi...

Stockly to raise another $12M to expand its operations & employee base

Stockly to raise another $12M to expand its operations & employee base

By Akshay Kedari

French-based software startup, Stockly is reportedly raising another $12 million (€12 million) in a Series A round from Daphni, Eurazeo, and several other business angels. Apparently, the firm pools together the inventory of several e-commerc...

Alipay+ allies with Asian E-Wallets to boost cashless travel in South Korea

Alipay+ allies with Asian E-Wallets to boost cashless travel in South Korea

By Akshay Kedari

Amidst rising efforts for promoting cashless travel, prominent mobile payment providers in Asia have recently announced an integration of the cross-border digitalized payment solutions from Alipay+ in South Korea. With this move, users of e-wallet...

Seracle, Sumsub partner for offering enhanced KYC protocols and cybersecurity

Seracle, Sumsub partner for offering enhanced KYC protocols and cybersecurity

By Akshay Kedari

Sumsub will assist Seracle in building an innovative blockchain ecosystem Sumsub will offer enhanced security to Seracle at a time when losses due to cryptocurrency thefts have increased by about 60% to $1.9 billion Seracle, a global blockc...