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

Klevu launches Discovery Suite to boost online retail conversion rates

Klevu launches Discovery Suite to boost online retail conversion rates

By Akshay Kedari

Klevu Oy, a leading provider of AI-based search technologies for online retailers, has reportedly launched a comprehensive solution called Discovery Suite that can allow brands to capture shoppers’ intent in order to improve their conversion ra...

SK Group acquires 16.3% stake in VinCommerce for USD 410 million

SK Group acquires 16.3% stake in VinCommerce for USD 410 million

By Akshay Kedari

SK Group of South Korea has purchased 16.3% of Vincommerce, Vietnams leading retail business operator, for USD 410 million in a bid to broaden its presence in the Southeast Asian region’s customer retailer sector. Sources close to the matter s...

Snapchat exploring options to bypass Apple’s upcoming privacy policies

Snapchat exploring options to bypass Apple’s upcoming privacy policies

By Akshay Kedari

Reportedly, American camera and social media company Snap Inc. is exploring different methods to circumvent Apple’s upcoming privacy regulations which will prohibit apps from collecting iPhone user information. Apple’s highly controversi...

SK Innovation might pull its battery business from the United States

SK Innovation might pull its battery business from the United States

By Akshay Kedari

SK Innovation Co., a South Korea-based petrochemical, energy, and e-mobility battery manufacturer, has recently announced its plans of withdrawing its battery operations from America if U.S. President Joe Biden fails to overrule a trade panel decisio...

Jeep planning to establish EV charging networks near off-road routes

Jeep planning to establish EV charging networks near off-road routes

By Akshay Kedari

Jeep, the American multinational automobile manufacturer, is reportedly planning to develop EV charging networks near or at off-road routes across several locations in the U.S, in a bid to look beyond conventional roads and to offer consistent chargi...