Sprout AI, a London-based insurtech startup, has raised $5.4 million in a seed round led by Amadeus Capital Partners, with participation from Playfair Capital, Techstars and other investors. The company aims to transform the claims processing industry by using artificial intelligence and natural language processing to automate the tasks of validating, assessing and settling claims.
Sprout AI claims that its technology can reduce the time and cost of claims processing by up to 90%, while improving customer satisfaction and fraud detection. The company’s platform can handle claims across multiple lines of business, such as property, motor, travel and health. Sprout AI also provides data insights and analytics to help insurers improve their products and services.
The company was founded in 2018 by Niels Thone and Raphael Guth, who met at Imperial College London while studying computer science and artificial intelligence. They were inspired by their own experiences of dealing with slow and frustrating insurance claims.
Niels and Raphael joined the Techstars London Accelerator in 2019 and launched their product in 2020.
Sprout AI plans to use the new funding to expand its team, develop its technology and enter new markets. The company has already partnered with several leading insurers in Europe and Latin America, such as AXA, Zurich and HDI Seguros. Sprout AI hopes to become the global leader in AI-powered claims automation.
Sprout AI is one of the many startups that are disrupting the traditional insurance industry with innovative solutions. According to a report by CB Insights, global insurtech funding reached $7.1 billion in 2020, up 12% from 2019. The report also identified Sprout AI as one of the emerging insurtech startups to watch in 2021.
