Eigen Technologies, the intelligent document processing (IDP) provider, says it is helping insurers to make data useful and increase operational capacity.
Eigen’s makes “no-code” software, allowing non-programmers to customise it to their needs through a graphical user interface. It extracts data and analyses the wording of contracts, policies, claims and associated documents, allowing insurers to come to better-informed decisions, understand market trends and provide better data, with accuracy rates of 95% or higher regarding certain critical tasks.
The platform captures more actionable data from documents to inform underwriting as well as claims and actuarial functions. This, the company says, improves profitability and risk management throughout an enterprise.
It is supposed to unlock the value trapped in documents, turning them into richer, usable data and enabling insurance firms to increase revenue while understanding and serving their customers faster and better.
Underwriters in particular need to rapidly organise and analyse complex data sets. For both parties the IDP platform can save considerable time and cost.
From submissions, to pricing, to claims to reinsurance purchasing and analysis, many insurance processes remain hampered by the financial and time cost of working with complex documents.
Tim Crowe, Eigen’s Director of Insurance Solutions, said: “Insurance submissions contain extremely important data points often trapped in various documents that feed into all sorts of systems and models, but that data is manually collected, and can be inaccurate and incomplete.”
“That is because you frankly don’t always have the time and bandwidth to collect all that data exhaustively and accurately, which can impact the quality of your risk analysis as well as lessening your ability to respond quickly to distribution partners. As a former underwriter, I dealt with this reality and am excited that Eigen is working with insurance companies to address these fundamental issues, empowering insurance professionals to underwrite more business profitably.”
