Sprout.ai – an insurtech providing an advanced claims automation solution which processes claims within 24 hours – has managed to raise £8 million in Series A funding.
The round was led by Octopus Ventures. Other investors that participated in the round included Amadeus Capital Partners, Playfair Capital and Techstars.
Sprout.ai said that it will use the funding to support its hiring efforts – with plans to recruit top talent into its product, delivery, operations, and technical teams. It will also look into growing its enterprise sales and partner networks, and will put money into R&D, focusing on natural language processing (NLP) and optical character recognition (OCR) technology.
“Sprout.ai’s mission is to revolutionise customer service within global claims automation. Our innovative and industry leading AI claims engine is poised to solve the current market inefficiencies, allowing insurers to focus on customers in their moments of need,” said Sprout.ai CEO Niels Thoné in a statement.
“By combining document processing and contextualisation, we have created a vastly superior technical product, making us strongly placed as the market leader,” the chief executive said, adding that Sprout.ai had already seen “exceptional levels of interest” from global insurers in the last 12 months.
Zurich Insurance is one of those global insurers, and used Sprout.ai’s claims automation solution as early as 2020 in a pilot program.
“At Zurich we are constantly looking for innovative ways to enhance a customer’s experience when a claim occurs,” said Zurich head of claims digital experience Will Paskins. “Customers expect fast, clear and transparent handling of their claims and by partnering with Sprout not only are we helping meet this expectation for our customers, but importantly supporting our staff too by providing them with market-leading technology.”