Hiscox, the specialist insurer, has partnered with Eigen Technologies, a global provider of natural language processing (NLP) technology, to automate multiple internal processes using machine learning driven classification and extraction technology.
Two collaborative pilots are currently underway that make use of Eigen’s NLP platform to address the challenges of unstructured qualitative data, which Hiscox says will help to improve the speed, accuracy, and cost of processes that currently rely on manual data entry.
The first automates parts of the claims process to drive faster response time to customers, while the second automates the quoting process in Hiscox’s London Market business, which will facilitate faster turnaround times for responding to brokers with a quote.
Eigen said that extracting qualitative information and converting it into analysable data offers organisations a better understanding of previously challenging information and unlocks various opportunities to deploy artificial intelligence and machine learning capabilities in other ways.
Lidia Bozhevolnaya, Group Head of Strategy and Corporate Development at Hiscox, commented: “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.”
Lewis Z. Liu, Co-Founder and Chief Executive Officer (CEO) of Eigen Technologies, added: “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.”