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Hiscox – the first insurer to do so – has tapped natural language processing (NLP) technology provider Eigen Technologies to automate internal processes.
As part of the partnership, two pilots are underway – one for the benefit of Hiscox customers when it comes to claims; the other, for brokers as far as the quoting process in the London Market business is concerned. Using Eigen’s machine learning-driven classification and extraction technology, the specialist insurance company will be moving away from manual data entry in order to improve speed, accuracy, and cost.
“We are always looking for ways to make the processes in our business more efficient, especially when it comes to providing better service,” said Lidia Bozhevolnaya, group head of strategy and corporate development at Hiscox. “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.”
According to the London-based artificial intelligence start-up, it is able to extract qualitative information and turn it into easily analysable data – allowing the likes of Hiscox to better understand “previously difficult or impossible to use” information.
“I am delighted to announce our partnership with Hiscox, our first client in the insurance sector,” commented Eigen Technologies co-founder and chief executive Dr Lewis Liu. “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.”
