Event Write-Up: Future of Insurance Canada, Sept 2022

Earlier this month, we sponsored The Future of Insurance Canada, hosted by Reuters in Toronto. The event tackled the core challenges being faced by insurance executives across Canada, while providing strategic insights to develop and shape the insurance industry of the future.

At our booth, our team members consisting of Amanda, Cosette and Tim caught up with delegates to discuss how our intelligent automation and document processing platform addresses the four key themes of the conference: Strategy & Innovation, Digital & Technological Advances, Product & Customer and Emerging Risks.

Strategy & Innovation

During our discussions at the Future of Insurance Canada, we heard about present-day challenges created by factors such as the pandemic and the growing complexity of data. We shared insurance-focused use cases for the Eigen platform, and demonstrated how it can perform complete data extraction from any document, including cell-level table extraction.

Product & Customer

The pandemic has also caused a change in how customers interact with insurers, particularly their preferences and behaviors. Customers are increasingly moving towards digital processes making use of artificial intelligence (AI). AI-powered intelligent document processing (IDP) technology like the Eigen platform can enable insurers to process documents and data more effectively and efficiently and deliver better customer service as a result.

Digital & Technological Advances

With much of insurance built on legacy systems, The conference placed an emphasis on the benefits of integrated systems and seamless communications. The Eigen platform is integrable, flexible and scalable across workflows and processes so it can enable the straight-through processing of data from documents into existing systems and databases.

Emerging Risks

The conference looked at innovative technologies and processes used to underwrite new and emerging risks, from cyber-attacks to climate change. This included natural language processing (NLP), machine learning (ML) and computer vision which Eigen uses to accurately and efficiently extract data to support risk assessment and modeling efforts.

To summarize, The Future of Insurance Canada gave us a renewed understanding of the challenges facing the insurance sector in the region, while valuable discussions with delegates gave us the opportunity to educate and demonstrate the value and benefits of AI-enabled intelligent document processing. Our key takeaways are:

• Embracing innovative technology is a priority. Insurers are prioritizing digitization as their main strategic goal, ahead of scaling and diversifying.
• Flexibility is key. More responsive services will make customer engagement a key selling point, providing opportunities to maximize customer loyalty. By using the Eigen platform, insurers can make faster data-backed decisions and respond to submissions, claims and requests more efficiently.
• The importance of properly using the abundance of data available. With the number of disruptors at an all-time high, insurers are adopting data strategies that help them stay ahead of the competition. With Eigen, insurers can digitize their data to achieve up to 50x faster access to data compared to manual processing, while also achieving costs savings of up to 80%.

Learn more about Eigen for insurance and discover how our Underwriter Assistant solution solves the document challenges and data needs at each stage of the submissions process.