Scottish Widows, a leading life insurance and pensions provider and part of Lloyds Banking Group, has entered into a partnership with Sprout.ai to pilot artificial intelligence (AI) solutions that aim to transform the insurance claims and underwriting process.
The partnership is designed to trial the use of AI and natural language processing (NLP) technologies to streamline life and critical illness insurance claims, according to FF News.
The primary objective is to significantly reduce processing times and simplify the handling of complex medical documentation, ultimately improving the customer experience.
Scottish Widows provides life insurance, pensions, and investment products to millions of UK customers. With a strong heritage dating back over 200 years, the company is committed to offering financial security and peace of mind. Sprout.ai, on the other hand, is an InsurTech firm that leverages AI and NLP to automate insurance claims, focusing on reducing operational costs and enhancing decision accuracy for insurers.
As part of the pilot, AI will be employed to summarise extensive medical files, aiding underwriters in making quicker and more informed decisions. This efficiency is expected to benefit thousands of customers by speeding up claims and enabling further innovation in the claims process.
The trial also aims to alleviate administrative burdens on claims handlers, allowing them to concentrate on delivering more empathetic and supportive service to policyholders during stressful periods. This move reflects a broader industry trend towards digitisation and automation in insurance.
Sprout.ai CEO Roi Amir said, “The insurance industry is on the brink of a technological transformation, and AI is at the heart of it. By working with Scottish Widows, we have the opportunity to prove that automation isn’t just about efficiency – it’s about delivering better outcomes for customers.”
Scottish Widows senior manager, claims and underwriting strategy, David Russell added, “We know making a claim can be stressful, so we’re dedicated to processing them quickly and smoothly. By partnering with Sprout.ai, we’re using cutting-edge AI and NLP to free up our claims handlers, allowing them to focus on delivering empathetic support to customers.”
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