Eigen Technologies Announces First Insurance Client
Eigen Technologies , a global provider of natural language processing (NLP) technology that’s backed by Goldman Sachs, is working with specialist insurer Hiscox 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 (1) automates parts of the claims process to drive faster response times to customers. This includes the analysis of emails and associated qualitative data. The (2) 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.
“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.” – cofounder and CEO of Eigen Technologies, Dr. Lewis Z. Liu.
“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.” – Group Head of Strategy and Corporate Development at Hiscox, Lidia Bozhevolnaya.