Zurich to leverage AI in claims using Sprout
London-based Sprout.ai has partnered with Zurich as the insurer is using the startup’s Automated Policy Checking AI to cut property claims settlement times to sub 24 hours. The announcement was made following a three-month pilot of the technology, run between December 2020 and February 2021.
According to Sprout, which was established in 2018 and was formerly known as BlockClaim, the AI engine isn’t designed to replace claims handlers any more than a calculator is designed to replace an accountant. It’s a tool that the handler uses and drives in order to aid decision-making and to triage and process claims better and faster.
The AI solution was developed using more than 20,000 historic claims. However, it is important to understand that those were just the beginning – they can be thought of as the training material used so that the software could learn its craft. Every new claim added to the database brings new knowledge and experience, and as with a human claims handler, this will help the AI to keep getting better at what it does.
Today, Sprout.ai is a team of 20-plus people, and according to Crunchbase, it secured an $11 million in Series A financing from Octopus Ventures, and Playfair Capital, bringing its total funding to $15 million.