Sprout.ai, a startup using generative artificial intelligence for insurance claims, has secured £5.4m in its latest round of funding.
Used by AdvanceCare, MetLife and Generali, Sprout.ai says it can slash handling costs in half by automating the claims process.
The software takes information regarding a claim, summarises it and then reviews it against the insurance policy.
Sprout.ai said it will use the injection of funding to expand internationally, including North America, as it adds new insurance lines to its product.
The London-headquartered company added it will use the funding to develop its technology for AI model training and assessing claims.
Roi Amir, CEO of Sprout.ai, said: “We process thousands of claims globally with our solution every day and millions of policyholders receive fast and accurate decisions as a result.”
The insurtech company’s funding round was led by Amadeus Capital Partners and Praetura Ventures.
Investment also came from the likes of Octopus Ventures, Playfair, Techstars and Forefront Venture Partners, amongst others.
“We’ve backed Sprout.ai since its seed stage and our latest investment shows the confidence we have both in the company’s commercial offering and the team’s ambition,” said Amelia Armour, partner at Amadeus Capital Partners.
“Insurance claim handling is a huge global market that is ripe for automation to improve efficiency and accuracy.”
Last year, Sprout founder Niels Thoné stepped down as CEO, with Roi Amir taking the reins.