MetLife has joined forces with Sprout.ai, a specialist in insurance automation technology, to accelerate automation of insurance claims across the world.
Under the agreement, Sprout.ai’s AI technology will be integrated into MetLife’s existing systems, enabling automated claims decisions.
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The latest partnership follows successful results in Latin America, where the solution improved claim turnaround times, the press release said.
Sprout.ai CEO Roi Amir said: “This partnership is a clear example of how AI can deliver meaningful change in insurance. By cutting processing times and improving accuracy, we are helping MetLife raise the bar for what customers can expect from their claims experience. It is about delivering speed and empathy at scale.”
The partnership will focus on enhancing insurance claims processing across the US, Asia and Latin America.
MetLife US chief information officer Venkata Natarajan stated: “Our partnership with Sprout.ai is another example of how MetLife is innovating with high tech solutions to address real customer needs.”
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By GlobalDataIn May, MetLife signed an agreement with Talcott Resolution Life Insurance Company to reinsure roughly $10bn worth of its US retail variable annuity and rider reserves.
This agreement is expected to decrease MetLife’s enterprise risk and expedite the resolution of its legacy business holdings.
The agreement includes ceding commission and the gradual release of capital, with the total transaction valued at approximately $250m.
