MetLife Teams Up With Sprout.ai to Advance Global Claims Automation

MetLife, Inc. MET recently announced its partnership with Sprout.ai, an insurance automation company, to automate and enhance claims processes across the United States, Asia and Latin America regions. This strategic move toward digitalization aims to provide faster and more accurate claims while improving customer experience.

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The AI-powered platform from Sprout.ai provides automated claims decisions within no time and blends in seamlessly with the existing insurers’ systems. This innovative technology improves operational efficiency while maintaining a human-centered approach to customer service by prioritizing speed and accuracy. The partnership will create a new standard for the claims experience by combining empathy and automation.

MetLife is now getting ready for a wider rollout of Sprout.ai’s solutions in other markets after a successful pilot in LATAM, where turnaround times and customer satisfaction saw measurable improvements. This is in line with MetLife’s global strategy to improve customer engagement while digitizing its core business processes.

Automating claims provides a rapid route to cost savings, service improvements and competitive differentiation as international insurers face pressure to innovate. With the help of AI, MET is revolutionizing the way to provide services on a large scale, maintaining fairness and efficiency.

As the insurance industry rapidly embraces digital transformation, forming strategic tech-driven partnerships is becoming essential for sustainable growth. This initiative reflects insurers’ demands for more intelligent automation to stay flexible and meet evolving policyholder demands.

MET Stock Price Performance

Over the past year, MetLife shares have gained 12.4% compared with the industry’s growth of 10.3%.

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MET’s Zacks Rank & Key Picks

MET currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader finance space are Pagaya Technologies Ltd. PGY, Heritage Insurance Holdings Inc. HRTG and Acadian Asset Management Inc. AAMI, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Pagaya Technologies’ current-year earnings of $2.45 per share has witnessed two upward revisions in the past 60 days against none in the opposite direction. Pagaya Technologies beat earnings estimates in two of the trailing four quarters and missed twice, with the average surprise being 12.9%. The consensus estimate for current-year revenues is pegged at $1.2 billion, implying 19.9% year-over-year growth.

The Zacks Consensus Estimate for Heritage Insurance’s current-year earnings of $3.25 per share has witnessed two upward revisions in the past 60 days against no movement in the opposite direction. Heritage Insurance beat earnings estimates in each of the trailing four quarters, with the average surprise being 363.2%. The consensus estimate for current-year revenues is pegged at $854.9 million, calling for 4.6% year-over-year growth.

The Zacks Consensus Estimate for Acadian Asset Management’s current-year earnings is pegged at $2.86 per share, implying 3.6% year-over-year growth. In the past 60 days, Acadian Asset Management has witnessed one upward estimate revision against none in the opposite direction. The consensus mark for the current-year revenues is pegged at $526.8 million, calling for 4.2% year-over-year growth.

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MetLife, Inc. (MET) : Free Stock Analysis Report

Heritage Insurance Holdings, Inc. (HRTG) : Free Stock Analysis Report

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Acadian Asset Management Inc. (AAMI) : Free Stock Analysis Report

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