A new Sprout.ai, the AI-led insurance claims automation company, product creates a zero-shot model for claim assessment to close the manual gaps in claim processes and increase the efficiency of claims automation.
The Sprout zero-shot model can leverage foundational claim data to review and assess claims without ever having seen a claim of that type before. Therefore, it can drive accelerated claim onboarding times and minimise the required data for training. The product is currently in use with existing customers and has delivered a 50 per cent increase in claim handler efficiency. This was all made possible with a 90 per cent reduction in training data required.
Slow claims processes are a major challenge to the insurance industry, with 79 per cent of customer complaints in the last five years relating to claims. Assessing claims evidence is the most manual part of claims processing, compared to other steps such as claims registration and claims payments, which has been addressed with existing digital solutions for the first notice of loss (FNOL) and claims management.
Tackling document extraction and assessment challenge
- With an in-built quality-checking function that helps customers to validate and improve how quickly claims documentation can be processed before submission
- With an extraction engine that leverages the latest computer vision and natural language processing (NLP) advancements to extract and classify data from both structured and unstructured documents, such as invoices, allowing greater than 90 per cent pass through rate on claim documents
- With a validation engine that uses NLP and works with the extraction engine to facilitate automated checking on all extracted data to ensure accuracy and provide a feedback loop for continuous improvement
All of these capabilities are configurable to customers so that they can define document models efficiently, increase the speed of onboarding and reduce operational costs. The solution is also integrated into Sprout’s Claim Review and Insights page for an optimised claim handler experience.
The launch of this new product follows a recent £5.6million funding round led by Praetura Ventures and Amadeus Capital Partners.
Alleviating insurance pain points
Roi Amir, CEO at Sprout.ai, said: “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.”
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.”