Bermuda-based insurance provider Hiscox has partnered with UK-based Eigen Technologies, a natural language processing (NLP) technology company, to automate several of its internal processes.
Hiscox will deploy Eigen Technologies’ machine learning-driven classification and extraction technology, which is expected to improve the speed, accuracy and cost of two processes that currently rely on manual data entry.
Two pilots have been started, which will use Eigen’s flexible NLP platform to address the challenges of unstructured qualitative data.
The first pilot will automate parts of the claims process to drive faster response times to customers. This includes analysis of emails and associated qualitative data.
The second pilot will automate quoting processes at Hiscox’s London Market business, which will facilitate faster turnaround times for responding to brokers with a quote.
Eigen Technologies co-founder and CEO Lewis Liu said: “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.”
Eigen said its ability to extract qualitative information and turning it into easily analyzable data offers organization a better understanding of information that was previously difficult or impossible to use.
It can open door to several new opportunities to deploy artificial intelligence (AI) and machine learning (ML) technologies to enable the insurance company to serve its customers in a scalable, effective and personalized way.
Hiscox strategy and corporate development group head Lidia Bozhevolnaya 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.”