Sprout.ai set to overhaul claims processing ‘pain point’ with AI solution

Insurtech 50 firm Sprout.ai has revealed plans to improve the claims process for insurers and its customers with the launch of a new product.

The zero shot solution model is designed to close the manual gaps in claim processes and increase the efficiency of claims automation.

To help do this, it will leverage foundational data to review and assess claims - this is also set to help accelerate onboarding times and minimise required data for training.

Roi Amir, chief executive at Sprout.ai, said: “The insurance claims process is one of the biggest pain points for customers and insurers alike.

“Therefore, I’m excited to announce the launch of this product as it has the potential to be a true game-changer for the industry.

“It not only saves claim handlers time, but it also processes claims at a far more accurate rate, freeing up time that can be spent supporting customers personally.”

Optimisation

This came after figures from the Financial Ombudsman Service, which were published in November 2023 and analysed by Insurance DataLab, found that 79% of all complaints over the last five years relate to the claims process in one form or another.

Sprout.ai said that assessing claims evidence was the most manual part of claims processing, compared to other steps such as claims registration and claims payments.

Therefore, its solution is integrated into Sprout’s claim review and insights page in a bid to optimise claim handler experience. 

The product is currently in use with existing customers and Sprout.ai claimed that it has delivered a 50% increase in claim handler efficiency, with a 90% reduction in training data required.

Greg Adams, head of product and solution engineering at Sprout.ai, said: “At Sprout.ai, we have always wanted to bring a product to market that encompasses our current offerings and more.

“Our new product enables insurers to give their customers fast and accurate claims conclusions, deployable in a matter of weeks – a speed that seriously exceeds market standards.”