Major South American insurer unlocks end-to-end claims automation with Sprout.ai
December 13, 2022
- One of the biggest insurance providers in South America is using Sprout.ai to drastically cut claims processing time
- 50% to 60% of the insurer's million annual claims will be automated
- The insurer selected Sprout.ai to help it reduce claim resolution time, reduce rejection time, improve customer experience, increase tNPS scores and continue to drive innovation
One of the biggest insurance providers in South America, is now using our claims automation technology to process claims and improve customer satisfaction. Their entire claim process, from data extraction, to decision-making and action, will be enhanced and sped up by our AI and data-led products.
Over 50% of the insurer's million annual claims will be automated, enabling the claims handling team to spend more time working directly with customers.
It previously took weeks for the insurers’ policyholders to learn about the outcome of their claim. Now, claims can be resolved in real time.
The insurer, one of the world’s largest, tested our technology in a POV. In that time, 30% of claims were fully processed using our technology.
Sprout.ai is helping the insurer to:
- Reduce claim resolution time
- Reduce rejection time by identifying fraudulent claims and policy mistakes faster
- Improve customer experience with quick claims processing and reduced human error
- Increase tNPS scores as customers experience a smoother claims process
- Continue to drive innovation and transformation internally and across the insurance industry
At the end of the POV, the insurer decided to bring us on as a partner in their claims process.
“This partnership with Sprout.ai will be very beneficial for us and our customers alike. The pilot demonstrated that Sprout.ai’s market-leading innovative technology can deliver true end-to-end claims automation with no need for human involvement. This type of technology is exactly the kind of innovative solution that we are looking to implement to make us more efficient and improve customer experience and satisfaction.
Why our claims automation offering is unique
Our groundbreaking AI and data-led products are automating claims processes for leading insurers around the world. Our technology can read the contents of individual insurance policies to analyse coverage and conditions, and then match and settle the claim. This creates a frictionless claims experience and will drive high customer retention with improved efficiency.
Other providers offer either claims automation or fraud filtering, but our light touch solution delivers both. Engineering this state-of-the-art tool has been made possible by fusing the power of machines and a vast external data network. The result is a non-intrusive solution that enhances data, offers actionable insights on fraud suspicions and automates claim processes.
We are an end-to-end claims automation technology solution for the insurance industry. We work in partnership with major insurers, including Zurich UK and AdvanceCare, part of the Generali Group, to build groundbreaking AI and data-led products to automate the claims process for customers.
Our vision is to provide a frictionless claims experience to everyone in the world. The average time it takes for insurers to process claims is around 30 days. At a time when you’re emotionally and financially vulnerable, this is often frustrating and stressful. We enable insurers to make a decision on a customers’ claim, in near real-time. Our technology delivers fast and accurate decisions and an exceptional claims experience, driving high customer retention with improved efficiency.
We have raised $15 million to date from top tier investors Octopus Ventures, Amadeus Capital Partners and Playfair Capital.
Data extraction and enrichment
Our technology generates contextual reasoning through using NLP and Knowledge Graphs. NLP is used to understand the contents of the policy document and enables us to build the rules within the policy to automatically check whether the claim is valid in regard to the policy agreement.
Once NLP has interpreted the policy document, we match this to the description of the claim to automatically check whether the claim is covered under the customer’s specific policy.
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