Monday, December 5 2022

LAS VEGAS–(BUSINESS WIRE)–Eigen Technologies (Eigen), the global intelligent document processing (IDP) provider, today announced at InsureTech Connect the launch of its new offering for the insurance industry, Underwriter Assistant.

Underwriter Assistant tackles the problem of underwriting submissions, an industry-wide challenge: how to increase revenue without increasing headcount. Underwriters are overwhelmed by the volume of critical information trapped in emails and documents they need to access to write deals. It’s no surprise that, according to Accenture, underwriters spend 40% of their time on non-essential, onerous, and repetitive administrative tasks. It takes them away from their core capacity, deciphering which 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, entering and re-entering crucial information, ultimately writing less business than they might otherwise.

Eigen built Underwriter Assistant by appreciating the underwriting lifecycle and critical decision-making points along the way that are driven by risk information trapped in email attachments and built a suite of solutions that solve the different document and data needs at every stage. These are available either as individual modules or as an integrated end-to-end subscription solution, depending on the customer’s needs.

  • Triage of submissions: Ingest incoming emails and associated attachments, categorize them by type, and extract relevant fields to prioritize risk 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 re-keying, automates completeness checks, and saves significant time in the process.
  • Verification of sanctions: Leverage the power of machine learning to automatically extract entities, people, and assets from documents so underwriters and compliance teams can have a transparent view of potential sanctions violations.
  • Loss Execution Engine: Extract material information buried in claims reports with state-of-the-art table detection capabilities to extract relevant fields for quick and easy review by underwriters.
  • Pricing pipeline and related tools: Extract relevant fields from bid documents into a structured schema to enable integration with downstream pricing, PAS and/or chat modeling solutions.

“As I tell our clients, the goal should be to let your subscribers subscribe rather than wasting their valuable time doing administrative tasks,” said Tim Crowe, director of insurance solutions at Eigen. The consensus in insurance is that far too many tedious, manual tasks get in the way of getting the really important work done. I experienced this reality when I was a subscriber. So, with Underwriter Assistant, we decided to automate the parts of the submission process that prevent underwriters from writing more business faster and more cost-effectively. By making these analog processes digital, truly transformative change becomes a reality for insurers.

“I have often seen how the desire to automate the non-value added parts of the underwriting and actuarial processes has been crushed by the inability to get risk decision information directly into tools and models, which has resulted in so much frustration in an industry eager to become a more profitable, data-driven version of itself,” added Eigen Senior Product Manager Christopher Mullan. “With Underwriter Assistant, we focused on how to go from unstructured brokerage documents directly to underwriting and pricing without any manual chores that slow things down. As a former actuary, I didn’t feel like I was adding value by spending 30 minutes trying to copy and paste loss cycles and schedules into Excel so I could even get started. We want experts to focus on being experts and let the machine empower them to succeed.

Underwriter Assistant improves the metrics that matter to insurance companies by increasing quote-to-bind and quote-to-quote ratios, while helping to reduce loss and expense ratios. By improving data quality, underwriters can make better decisions and write more business, faster.

Full details about Underwriter Assistant, its modules and features can be found on the Eigen website here.

About Eigen Technologies

Eigen is an Intelligent Document Processing (IDP) company that enables clients to quickly and accurately 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 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 the context and provides better accuracy on far fewer training materials, while protecting the security of customer data.

Eigen’s clients include some of the most well-known and respected names in finance, insurance, legal and professional services, including Goldman Sachs, ING, BlackRock, Aviva, Swiss Re and Allen & Overy. Nearly 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.

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