Eigen Technologies introduces Underwriter Assistant
Eigen Technologies (Eigen), the global intelligent document processing (IDP) provider, is announcing the launch of its new offering for the insurance sector, Underwriter Assistant, tacking the underwriting submissions problem of how to scale revenue without scaling headcount.
Underwriter Assistant drives improvements on the metrics that matter to insurance carriers by increasing quote to bind and submission to quote ratios, while assisting to reduce loss and expense ratios. By improving the quality of the data, underwriters can make better decisions and write more business, faster, according to the vendor.
Eigen has built Underwriter Assistant appreciating the underwriting lifecycle and the critical decision-making points along the way that are driven by the risk information trapped in email attachments and has built a suite of solutions that solve the different document and data needs at each juncture, according to the company.
These features are available either as individual modules or as an integrated end-to-end underwriting solution depending on client needs, including:
- Submission Triage: Ingest inbound emails and associated attachments, classify them based on type and extract relevant fields in order to prioritize risks 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 rekeying, automates completeness checks, and saves significant time in the process.
- Sanctions Check: Leverage the power of machine learning to automatically extract entities, people, and assets from documents so underwriters and compliance teams can have a seamless view of potential sanctions violations.
- Loss Run Engine: Extract the material information buried in loss run reports with cutting-edge table detection capabilities to extract relevant fields for quick and easy underwriter review.
- Pricing and Related Tools Pipeline: Extract pertinent fields from submission documents in a structured schema to allow for integration with downstream pricing, PAS, and/or cat modelling solutions.
“I’ve seen so often how the desire to deliver automation of the non-value-add parts of the underwriting and actuarial processes has been squashed by the inability to get the risk decision information straight into the tools and models, leading to so much frustration across an industry keen to become a more cost efficient and data led version of itself,” said Christopher Mullan, Eigen’s principal product manager. “With Underwriter Assistant, we’ve focused on how to get from unstructured broker materials straight to the underwriting and pricing with no manual drudgery slowing things down. As a former actuary, I didn’t feel I was adding value spending 30 minutes trying to copy and paste loss runs and schedules into Excel so I could even start. We want experts to focus on being experts and let the machine empower them to succeed.”
For more information about this news, visit https://eigentech.com.