Eigen Technologies, a provider of natural language processing (NLP) technology, is working with Hiscox, the leading international specialist insurer, to automate multiple internal processes at the firm. Using machine-learning-driven classification and extraction technology from Eigen, Hiscox will improve the speed, accuracy, and cost of two processes that currently rely on manual data entry.
Two pilots are underway, making use of Eigen’s highly flexible NLP platform to address the challenges of unstructured qualitative data. The first automates parts of the claims process to drive faster response times to customers. This includes the analysis of emails and associated qualitative data. The second automates the quoting process in Hiscox’s London Market business, facilitating faster turnaround times for responding to brokers with a quote.
Eigen’s ability to extract qualitative information and turn it into easily analyzable data gives organizations a better understanding of information that was previously difficult or impossible to use. This opens the door to numerous opportunities to deploy AI and ML technologies to enable Hiscox to serve customers in a more scalable, effective, and personalized manner.
Co-founder and CEO of Eigen Technologies Dr. Lewis Z. Liu said: “I am delighted to announce our partnership with Hiscox, our first client in the insurance sector. Hiscox is known for being a challenger in the market, and we are happy to be able to support them in changing the way insurers traditionally operate. Our NLP technology has numerous applications in the insurance sector and we are looking forward to working with Hiscox on developing these further.”
Lidia Bozhevolnaya, Group Head of Strategy and Corporate Development, Hiscox said: “We are always looking for ways to make the processes in our business more efficient, especially when it comes to providing better service. Our goal is to be digital wherever possible, but with a human touch where it matters to the customer. Eigen’s platform in our view is a great example of practical application of NLP and machine learning that can yield immediate and tangible results. These two pilots are just the tip of the iceberg in terms of what can be achieved with the thoughtful application of advanced technologies such as Eigen.”
About Eigen Technologies
Eigen is a research-led artificial intelligence company based in London and New York. Our mission is to help individuals and organizations make the right decisions, and we do this by unlocking the value of their qualitative data.
Eigen automates the extraction and classification of information from documents. Our simple, flexible Natural Language Processing (NLP) technology accurately extracts information from diverse types of documents at scale and can be integrated into our clients’ workflows. We use state-of-the-art machine learning algorithms to recognize patterns in text and give accurate answers to unique questions. This enables our clients to use data in new ways to make the right business decisions: driving down costs, finding opportunities, calculating risks, and meeting regulatory requirements.
Founded in 2014, our clients include some of the most respected names in finance, law, and professional services, including Goldman Sachs, Linklaters, and ING. As a research-led company, we translate the latest methodologies from applied physics, mathematics, and machine learning into the technology that underpins our product.
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2017 saw the business deliver a profit before tax (excluding foreign exchange) of $120.6 million despite reserving net $225 million for claims in the most costly year ever for natural catastrophes.
The Hiscox Group employs over 2,700 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.