Insurtech company Sprout.ai has raised an additional $2.5 million funding for its Ai-based software that enables insurance claims to be settled in “just 24 hours.”
The software, founded in 2018, combines natural language processing and optical character recognition to speed up the process. With the speed of AI, claims are automated in no time after consumer information is combined with real-time external data like the weather, location, and business information.
By plugging Sprout.ai’s “Contextual AI” solution into their existing systems, insurance companies can get access to complete data for starting point of the claims process. Afterwards, the system can automatically validate succeeding claims and predict the next action steps.
“Currently the average claims settlement time in the U.K. is 25 days.” Sprout.ai co-founder and CEO Niels Thone explains to Techcrunch.com. “This is mainly caused by a lack of information at the start of the claims journey and a lot of manual touch points throughout the journey.”
“The secret lies in accessing the underlying unstructured data, such as pdfs, images, documents, etc.,” he adds. “This is where all the actual ‘data gold’ or, as we call it, ‘data sprouts’ lie, so it’s pertinent that you have the means to extract and structure this data as well as leverage it for further claims verification. Sprout.ai has developed proprietary algorithms in both the OCR and NLP fields to enable very accurate and fast extraction of this underlying data.”
Sprout.ai’s software is making it possible for insurance companies to finish tedius processes in a matter of hours. “This way claim handlers only have to focus on the really complex claims, where their specialised skill set is actually needed,” says Thone.