Hiscox partners with AI startup Eigen to slash costs

Hiscox has teamed up with tech startup Eigen Technologies to speed up how internal data is processed and reduce costs.

Two pilots are underway to test the suitability of Eigen’s NLP (natural language processing) platform at addressing the challenges Hiscox faces with unstructured qualitative data. It will explore machine learning (ML) and extraction technology.

Currently the global specialist insurer and underwriter for Lloyd’s London relies heavily on manual data entry. It hopes to transform how data is managed.

Pilot one ‘automates parts of its claims process’ to deliver a faster response time to customers including analysing emails and qualitative data.

The second pilot automates the quoting process used in the insurer’s London market business for faster turnaround.

“Advanced technologies”

Eigen is a research-led artificial intelligence company based in London and New York. Clients include Goldman Sachs, ING and Linklaters. Hiscox are reportedly the first insurance company to trial with Eigen.

Lidia Bozhevolnaya, group head of strategy and corporate development of Hiscox, said: “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.”

She said that Hiscox is ‘always looking’ for ways to make processes ‘more efficient’ and provide a better service.

Eigen’s co-founder and chief executive, Dr. Lewis Z. Liu said that Hiscox is known for being a ‘challenger’ in the market. He said: “We are happy to be able to support them in changing the way insurers traditionally operate.”

Liu added that Eigen’s NLP technology has ‘numerous applications in the insurance sector.’

Hiscox said it was on course to exceed one million retail customers by the end of 2018, as it reported rising profits in its first half results.