Our new Zero-Shot model is designed to tackle slow claims processing in the insurance industry, a major cause of customer dissatisfaction. It streamlines the claims handling process and improves efficiency by effectively processing claims without relying on extensive historical data.
Streamlining claims processing
The Zero-Shot model can evaluate and process claims without requiring prior examples of similar cases. This not only accelerates the initiation of claim processing but also minimises the need for extensive training data, a common bottleneck in traditional methods.
Enhancing efficiency and reducing training needs
Our existing customers are already experiencing the benefits of the zero-shot model. It has enhanced the efficiency of claim handlers by 50% and reduced the need for training data by 90%. This a major win for insurers as slow processing is a common source of customer complaints – it contributed to 79% of customer complaints over the last five years.
Customisation and seamless integration
We recognise that each insurer has unique requirements. Therefore, the zero-shot model has adaptable features, allowing insurers to efficiently set up document models, speed up the onboarding process, and reduce operational costs. The solution also integrates smoothly with Sprout’s Claim Review and Insights page, improving the user experience for claim handlers.
A three-step approach to claims
1. Quality checking
The model incorporates a quality checking system, ensuring that the documentation for claims adheres to the highest standards, thus facilitating faster processing.
2. Advanced extraction engine
Using state-of-the-art computer vision and natural language processing (NLP), the engine excels in accurately classifying and extracting data from a range of documents, significantly improving the efficiency of processing claim documents.
3. Validation engine with NLP
Working in conjunction with the extraction engine, this feature automatically verifies all extracted data, ensuring high accuracy and facilitating a continuous improvement cycle.
The insurance claims process is one of the biggest pain points for customers and insurers alike. 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.
Roi Ami, CEO of Sprout.ai
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.
Greg Adams, Head of Product and Solution Engineering
Backed by leading investors
Following a successful funding round of £5.6 million from Praetura Ventures and Amadeus Capital Partners, Sprout.ai is committed to leading the way in insurance claims automation. Our zero-shot solution is at the forefront of an era where efficiency, accuracy, and customer satisfaction.
To explore how Sprout.ai can revolutionise claims processing, book a demo with an expert in AI for insurers.
