Hiscox embraces AI to help it improve internal processes

Bermuda re/insurer Hiscox has formed a partnership with an artificial intelligence startup that it hopes will improve the speed, accuracy, and cost of processes in its business.

The company has partnered with London-based Eigen Technologies to automate multiple internal processes at the firm. It is starting by launching two pilots.

Eigen provides natural language processing (NLP) technology that helps automate the extraction and classification of information from documents.

Using machine-learning-driven classification and extraction technology from Eigen, Hiscox intends to improve the speed, accuracy, and cost of two processes that currently rely on manual data entry. The first pilot automates parts of the claims process to drive faster response times to customers. This includes the analysis of emails and associated qualitative data. The second pilot automates the quoting process in Hiscox’s London Market business, facilitating faster turnaround times for responding to brokers with a quote.

“We are always looking for ways to make the processes in our business more efficient, especially when it comes to providing better service,” said Lidia Bozhevolnaya, Hiscox head of strategy and corporate development. “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,” Bozhevolnaya added.