Eigen Technologies Launches Underwriter Assistant at ITC Vegas
Underwriter Assistant automates onerous admin tasks, freeing underwriters to underwrite
Las Vegas – September 21, 2022, Eigen Technologies (Eigen), the global intelligent document processing (IDP) provider, announces today, at InsureTech Connect Conference, the launch of its new offering for the insurance sector, Underwriter Assistant.
Underwriter Assistant tackles the underwriting submissions problem, an industrywide challenge: how to scale revenue without scaling headcount. Underwriters are overwhelmed by the volume of critical information trapped inside emails and documents that they need to access in order to write business. It is no surprise that, according to Accenture, underwriters spend 40% of their time on non-core, onerous and repetitive administrative tasks. This takes them away from their core capability, deciphering what risks are worth writing in order to win new business and retain existing profitable clients. As a result, highly skilled professionals waste valuable time validating, keying and rekeying crucial information, ultimately underwriting less business than they otherwise could.
Eigen has built Underwriter Assistant appreciating the underwriting lifecycle and the critical decision-making points along the way that are driven by the risk information trapped in email attachments and has built a suite of solutions that solve the different document and data needs at each juncture. These are available either as individual modules or as an integrated end-to-end underwriting solution depending on client needs.
- Submission Triage: Ingest inbound emails and associated attachments, classify them based on type and extract relevant fields in order to prioritize risks based on specific carrier appetite.
- Submission Ingestion: Extract email body text and other data points from submission documents, creating a single source of truth that eliminates rekeying, automates completeness checks, and saves significant time in the process.
- Sanctions Check: Leverage the power of machine learning to automatically extract entities, people, and assets from documents so underwriters and compliance teams can have a seamless view of potential sanctions violations.
- Loss Run Engine: Extract the material information buried in loss run reports with cutting-edge table detection capabilities to extract relevant fields for quick and easy underwriter review.
- Pricing and Related Tools Pipeline: Extract pertinent fields from submission documents in a structured schema to allow for integration with downstream pricing, PAS, and/or cat modelling solutions.
“As I say to our clients, the goal should be to let your underwriters underwrite rather than lose their valuable time instead doing administrative tasks,” said Tim Crowe, Eigen’s Director of Insurance Solutions. “The consensus in insurance is that far too many manual and tedious tasks get in the way of doing the really important work. I lived this reality back when I was an underwriter. So, with Underwriter Assistant, we set out to automate the parts of the submissions process that are getting in the way of underwriters writing more business faster and more profitably. By making these analogue processes digital, truly transformative change then becomes a reality for insurers.”
“I’ve seen so often how the desire to deliver automation of the non-value-add parts of the underwriting and actuarial processes has been squashed by the inability to get the risk decision information straight into the tools and models, leading to so much frustration across an industry keen to become a more cost efficient and data led version of itself,” added Christopher Mullan, Eigen’s Principal Product Manager. “With Underwriter Assistant, we’ve focused on how to get from unstructured broker materials straight to the underwriting and pricing with no manual drudgery slowing things down. As a former actuary, I didn’t feel I was adding value spending 30 minutes trying to copy and paste loss runs and schedules into Excel so I could even start. We want experts to focus on being experts and let the machine empower them to succeed.”
Underwriter Assistant drives improvements on the metrics that matter to insurance carriers by increasing quote to bind and submission to quote ratios, while assisting to reduce loss and expense ratios. By improving the quality of the data, underwriters can make better decisions and write more business, faster.
Full details of Underwriter Assistant, its modules and capabilities can be found on Eigen’s website here.
Thomas Cahn, Eigen Technologies
Email: [email protected]
About Eigen Technologies
Eigen is an intelligent document processing (IDP) company that enables its clients to quickly and precisely extract answers from their documents, so they can better manage risk, scale operations, automate processes and navigate dynamic regulatory environments.
Eigen’s customizable, no-code AI-powered platform uses machine learning to automate the extraction of answers from documents and can be applied to a wide variety of use cases. It understands context and delivers better accuracy on far fewer training documents, while protecting the security of clients’ data.
Eigen’s clients include some of the best-known and respected names in finance, insurance, law and professional services, including Goldman Sachs, ING, BlackRock, Aviva, Swiss Re and Allen & Overy. Almost half of all global systemically important banks (G-SIBs) use Eigen to overcome their document and data challenges. Eigen is backed by Goldman Sachs, Temasek, Lakestar, Dawn Capital, ING Ventures, Anthemis and the Sony Innovation Fund by IGV.
- World Economic forum 2020
- Gartner Cool Vendor 2020
- AI 100 2021
- Lazard T100
- FT Intelligent Business 2019
- FT Intelligent Business 2020
- CogX Awards 2019
- CogX Awards 2021
- CogX Awards Best AI Product in Insurance
- Forbes The AI 50 2022
- Ai BreakThrough Award 2022
- FStech 2023 awards shortlisted