Sprout.ai secures Series A funding

UK insurance solutions startup Sprout.ai has secured £8m ($11m) in Series A funding, led by Amadeus Capital Partners alongside Playfair Capital and Techstars. 

Sprout.ai is a claims automation solutions provider, working with incumbent partners such as Zurich to leverage AI technology. 

Niels Thoné, Sprout.ai CEO, says “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.”

Source: https://techcrunch.com/2021/05/05/sprout-ai-raises-11m-series-a-led-by-octopus-ventures-to-apply-ai-to-insurance-claims/ 

Amazon and Zurich announce Middle East payments product  

Amazon Payment Services (APS), Amazon’s Middle East and North Africa (MENA) payments solutions provider, and Zurich International Life are partnering to provide payment solutions for Zurich’s Middle East customers. 

APS will act as an end-to-end payments platform for accessing Zurich’s instant life insurance products – they aim to provide a secure and fully integrated digital payment ecosystem. 

Omar Soudodi, APS Managing Director, says “It is a privilege to be part of the digital transformation journey of Zurich International Life Limited, enabling them to become one of the first life insurance companies in the Middle East to launch an end-to-end digital payment and customer onboarding experience.”

Source: https://www.albawaba.com/business/pr/amazon-payment-services-partners-zurich-international-life-limited-launch-digital

LexisNexis on the future of claims

LexisNexis Risk Solutions, the global data and analytics firm, has published its Future of Claims Report for 2021. 

The report reveals striking changes in the handling of claims. They found that virtual claims handling increased from 15% in 2019 to 100% in mid-2020, now stabilising at 60%. 

Bill Brower, LexisNexis Risk Solutions VP Claims, says that “As we look ahead to 2025, the industry should be optimistic that we will soon see a day when the vast majority of claims will be processed virtually. But it will take hard work to get there.”

The full report is available to read here.

Source: https://finance.yahoo.com/news/lexisnexis-future-claims-study-illustrates-120000870.html

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Matt Kenyon is a content producer at Insurtech Insights.

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