How Eigen Technologies is helping insurance firms to (finally) make their data useful
- 50x faster access to better data and 80% cost savings when compared to manual document processing
- Working with leading insurers, such as Aviva
- Making data useful and increasing capacity in underwriting by 50%
New York/London, July 26, 2022 - Eigen Technologies (Eigen), the global intelligent document processing (IDP) provider, is helping leading insurers, such as Aviva, to make their data useful and increase operational capacity.
Insurance is undergoing a rapid digital transformation, one which began before the onset of the pandemic, but has accelerated since, as working patterns have shifted permanently. With the increased prominence of new technologies and mounting competition, an Accenture survey found that 79% of insurance executives believe that “AI will revolutionize the way insurers gain information from and interact with their customers.”
Eigen’s no-code software extracts data easily and analyzes the wording of contracts, policies, claims and associated documents. This allows insurers to come to better-informed decisions, understand market trends and provide better data for post-ingestion and post-bind downstream processes 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 improves profitability and risk management throughout an enterprise. Put simply, its IDP platform unlocks 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.
Managing data is a challenge for brokers as well, taking their client's information and then organizing and extracting the right data as they seek to suitably place the risk. Underwriters in particular need to rapidly organize and analyze complex data sets. For both parties the IDP platform can save considerable time and cost. Seamlessly integrating with downstream systems frees up time to engage with distribution and carrier partners more thoroughly in order to source and place new business opportunities and retain existing ones, instead of having those moments consumed by the onerous deciphering of complex documents.
Looking specifically at the life cycle of any insurance policy, insurers must deal with unstructured data provided in documents at many points, and existing processes leave valuable and enriching data behind. From submissions, to pricing, to claims to reinsurance purchasing and analysis, so many insurance processes remain hampered by the financial and time cost of working with complex documents.
“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,” said Tim Crowe, Eigen’s Director of Insurance Solutions and former SVP of Underwriting at a global specialty (re)insurer. “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.”
When relying on manual data extraction and ‘rekeying’ insurers are failing to capitalize on the richness of all the data they are provided today. Every submission gives a picture of the market, even the ones that are declined, but when the cost of human extraction of all the insights from each submission is too high, insurers will fail to capitalize on the opportunity to collect this intel.
Insurance firms also use Eigen to meet regulatory reporting and compliance standards, removing the burden placed upon them by one-time regulatory and ongoing compliance exercises and reporting tasks such as GDPR, sanctions and Solvency II in a scalable and efficient manner.
Crowe continued: “Eigen is at the forefront of a revolution, delivering stellar results for insurance firms, providing 50 times faster access to better data and 80% cost savings in certain instances when compared to manual document processing”.
- World Economic forum 2020
- Gartner Cool Vendor 2020
- AI 100 2021
- Lazard T100
- FT Intelligent Business 2019
- FT Intelligent Business 2020
- CogX Awards 2019
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- Ai BreakThrough Award 2022
- CogX Awards Best AI Product in Insurance
- FStech 2023 awards shortlisted