Sprout.ai secures £5.4m funding to revolutionise insurance claims with generative AI

The investment will support Sprout.ai’s mission to revolutionise insurance claims processing using generative AI.

Sprout.ai’s patented technology automates various aspects of the claims process, helping insurance carriers and third-party administrators (TPAs) enhance operational efficiency and reduce claims handling costs by up to 50%. The company’s tailored solution ensures timely and accurate claim settlements, with strong partnerships with industry giants such as AdvanceCare, MetLife, and Generali.

One of the key differentiators of Sprout.ai’s technology is its ability to meticulously extract and contextualise claims information, cross-referencing it with policy coverage details. This advancement drastically reduces the time required to settle claims from weeks to minutes, allowing claims handlers to focus more on customer interactions.

Amelia Armour, partner at Amadeus Capital Partners says: “Sprout.ai’s team has a deep understanding of the insurance industry and the challenges that insurers face. Their technology is truly innovative and has the potential to transform the way that claims are processed.”

“This funding will enable us to accelerate our growth and continue to invest in our AI-led product. We’re committed to making insurance claims processing faster, more accurate, and more efficient for insurers and their customers,” said Roi Amir, CEO of Sprout.ai.

The investment in Sprout.ai comes when the global claims processing software market is expected to grow significantly, projected to reach $73 billion by 2030. Several factors, including the increasing complexity of insurance claims, the growing need for operational efficiency, and the rising adoption of digital technologies, drive the market.

Sprout.ai is well-positioned to capitalise on this market growth. The company has a strong team with deep expertise in the insurance industry and AI. Sprout.ai’s technology is also highly innovative and has the potential to improve the way that insurance claims are processed significantly.