It was in 2018 that Omni: We seemed to be disrupting the insurance market by applying AI to this most legacy of all industries. He has now raised $ 44.1 million. In the same vein, Shift Technology in France raised $ 100 million.
Now a UK startup is keen to do something similar, but this time it will be breaking out of the key UK market, where the insurance industry is huge.
Sprout.ai is an insurtech startup that uses AI to help instance businesses resolve claims within 24 hours. He has now raised £ 8million / $ 11million for Series A led by Octopus Ventures. The round was joined by existing investors, Amadeus Capital Partners, Playfair Capital and Techstars. He was funded by Seed to buy Amadeus in 2020.
Sprout.ai provides global insurers, such as Zurich, with a product that applies NLP and OCR to insurance claims (which may involve handwritten doctor’s notes for example) to enable them to be resolved more quickly, in a similar way to Omni. : us and SHift. Sprout.ai says it now has deployments in Europe, South America, and the APAC region.
Niels Thoné, CEO of Sprout.ai, said in a statement, “Sprout.ai’s mission is to revolutionize customer service as part of global claims automation. Our innovative, industry-leading AI claims engine is poised to solve today’s market inefficiencies, allowing insurers to focus on customers in their times of need. “
Nick Sando, early career fintech investor at Octopus Ventures, said: “We are often the most vulnerable when submitting insurance claims, and it doesn’t help when we then have to wait another month for that. it is processed. Sprout.ai enables insurers to process claims in a fraction of the time, creating much better outcomes for customers when they need them most. “
As we can see, the market is heating up for this type of service, so it will be interesting to see if these startups end up being “ locked in ” in their language markets or not. Certainly, I can see M&A opportunities for anyone starting to lead the pack.