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Zurich looks to cut property claims settlement times with new AI solution

16th April 2021 - Author: Charlie Wood

Global insurer Zurich says it is able to cut property claims settlement times to under 24 hours with a new AI solution created in collaboration with Sprout.ai.

Zurich LogoSprout.ai is a London-based claims automation platform that last year secured $2.5 million in a second seed funding round.

The solution is described as being able to deliver automated policy checking through the use of Natural Language Processing (NLP) and Knowledge Graphs to deliver a new capability to the market, Automated Policy Checking.

The solution was built and trained using data and documents including policy wordings from over 20,000 previous claims and is set to automatically update its assessment every time a new document is added, or a data field is changed.

Amy Brettell, Head of Customer, UK Claims at Zurich, said, ”At Zurich we have been working hard to deliver claims enhancements and innovations that positively impact on our customers’ experience. Our research shows that our customers want speed, clarity and transparency when it comes to making decisions on their claims.”

RMS

“As customers turn more frequently to technology in their day to day lives, the insurance industry needs to keep up these expectations. Increasingly, technology and automated solutions help us deliver these outcomes.

“Sprout.ai is a fantastic example of a collaboration which provides a true solution to some of the issues that often stand in the way of creating customer loyalty and helping rebuild trust in our sector. It’s strengthened the customer proposition by cutting settlement decisions to a matter of hours, whilst providing an extra layer of clarity on the outcome.”

Niels Thone, CEO at Sprout.ai, added, “Sprout.ai’s company vision is to revolutionise customer service within the claims space and this has been truly demonstrated during our pilot with Zurich. We are able to reduce claim settlement times from multiple days to just a few hours whilst providing superhuman accuracy on claim recommendations to make sure Zurich customers receive the right outcome every time.”

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