48. Sprout.ai

Founder/s: Raphael Gouth and Niels Thoné
Founded: 2018
Website: sprout.ai

Anyone who has had to claim insurance will know the process can be clunky, arduous and downright slow. In fact, some would say the industry was in dire need of an accurate, AI-powered company to sprout out of the ground..

Enter Sprout.ai, a forward-thinking tech company utilising AI to reimagine the claims process for major insurance companies across the world. 

Sprout’s software has been developed specifically for the insurance industry, and streamlines the entire process from claim to settlement. Before Sprout came along, this processing of claims could take up to a month, sometimes longer – but now, it can be done in near real-time.

Not only is this beneficial for insurers themselves, but also for claimants. Rather than having to wade through a sea of dense documents and unstructured data, claim handlers can instead spend time empathising with claimants and providing a better, all-round experience.

Before Sprout came along, this processing of claims could take up to a month, sometimes longer - but now, it can be done in near real-time.

Sprout has already been able to bring this cutting-edge technology to insurance giants like Zurich and MetLife. Tasks that typically take hours to complete can now be automated, and finished in seconds.

Speaking to Startups at the beginning of this year, Sprout co-founder Niels Thoné detailed his definition of success, which encompasses a better experience for all involved in the claims process.

“Ultimately, the end goal is to create business value, while positively impacting people’s lives,” Thoné said. “Our mission is simple – to help people when they are at their most vulnerable. If we have helped 100 million people with their claim, we will have achieved our goal.”

Ultimately, the end goal is to create business value, while positively impacting people’s lives.

Hundreds of millions of satisfied customers is a tall order. But with several insurance companies already on board and a tech team chock-full of top talent, Sprout.ai is sowing the seeds needed to capitalise on a trillion-dollar insurance market in the coming years.