(Image credit: Goncalo Correia Gago/Unsplash.)
AdvanceCare (Lisbon), a healthcare group that markets itself through high quality and innovative approaches as differentiating factors, has selected Sprout.ai (London) for claims automation, following a successful pilot, according to a statement by the vendor.
Sérgio Melro, COO AdvanceCare.
“AdvanceCare is continuously looking for innovative ways to improve the insurance claims experience,” comments Sérgio Melro, COO AdvanceCare. “We selected Sprout.ai as our partner, as they have demonstrated that their technology and approach can take us one step forward in our digitalization and efficiency journey.”
Sprout.ai works with insurers by applying AI and data-led products to automate the claims process for customers. Sprout.ai says its technology delivers accurate instant decisions on claims, enabling a frictionless claims experience and driving high customer retention with improved efficiency. The technology is designed to read the content of individual insurance policies to analyze coverage and conditions, and then match and settle the claim.
Following a successful pilot, during which Sprout.ai says its technology enabled AdvanceCare to cut down the claims settlement turnaround time to near real time, Sprout.ai and AdvanceCare agreed to sign a contract to implement Sprout.ai’s technology. By using Sprout.ai’s technology, AdvanceCare will unlock a full end-to-end claims automation, leveraging the product capabilities to extract relevant data from AdvanceCare’s healthcare invoices to index claims, the vendor says.
Very High Accuracy Levels
During the pilot, Sprout.ai reports that it analyzed a significant sample of healthcare invoices across a series of categories of invoices, including hospital, dental, pharmaceutical, independent workers and optical. The vendor says that pilot outcomes showed very high accuracy levels in the collected fields across all categories.
Using Sprout.ai, the vendor asserts, AdvanceCare will be able to scale up its business by serving more customers, while maintaining an exceptional claims experience. The relationship will allow AdvanceCare to further enhance its efficient claims handling process, by reducing the handling time classifying the information available on invoices, according to Sprout.ai. The vendor says the technology will also increase the work capacity and reduce the work volume per team member.
Liberate Innovations Raises $7 Million to Automate P&C Claims and Underwriting