(Image source: ONE Insurance homepage.)
ONE Insurance (Valduz, Liechtenstein), Europe’s first digital full-service insurance provider, has selected the Hyperscience Platform for its advanced Intelligent Document Processing [IDP] capabilities. With the Hyperscience Platform, ONE Insurance will be able reduce manual keying and validation, improve data quality, and streamline application processing across its motor, home (personal contents) and personal liability lines of insurance, according a Hyperscience statement.
“We are committed to remaining at the forefront of digitally-driven insurance, and we’re redefining the customer and broker experience,” said Philip Klossner, COO, ONE Insurance. “Hyperscience will be instrumental in helping us achieve fast and efficient applications processing and underwriting, automating critical tasks with high levels of accuracy, so that we can continue serving our growing customer base and expand our network and triple-digit growth into the broader European market.”
The Hyperscience Platform automates data capture, classification and extraction, turning diverse data formats and document types—including low-resolution images, electronically generated PDFs and messy handwritten forms—into machine-readable data that can be used for faster, more reliable downstream processing, analysis and decision-making. This reduces the time, cost and errors of manually keying data into various portals and frees up broker and employee resources to focus on customer service and other revenue-generating activities that drive business forward.
“We’re delighted to support ONE Insurance’s commitment to end-to-end digital processing and their exciting growth trajectory,” comments Charlie Newark-French, COO, Hyperscience. “Using the Hyperscience Platform, ONE Insurance can more efficiently – and accurately – process new applications and scale to accommodate business growth. We’re seeing increased momentum for our technology in the UK and EMEA, as well as across the U.S., as companies recognize the critical competitive advantage that our automation brings.”
Hyperscience says it uses machine learning (ML) technology to overcome the inaccuracies and inefficiencies of traditional manual and rule-based legacy technologies. The lightweight platform deploys on-premise and learns from an organization’s data, behind its firewall, driving lower error rates and higher levels of automation, the vendor says. Hyperscience reports that ONE Insurance selected the vendor for its ability to reliably process handwriting and low-resolution images, its quick time-to-value and proven track record in the insurance industry.
New Operational Efficiencies, Exceptional Experience
“It’s rewarding to work with an organization like ONE Insurance that’s on the leading edge of digitization,” comments Nay Odutola, VP, EMEA, Hyperscience. “Thanks to our cutting-edge technology, ONE Insurance will be able to mitigate the costs and risks associated with traditional manual processes and unlock new operational efficiencies to deliver an exceptional customer and broker experience.”
Hyperscience says the ONE Insurance contract reflects increased demand for its offering across the EMEA region. In 2019, the company opened a London office, joining its New York City and Sofia, Bulgaria locations, to meet growing demand for enterprise automation. The company also added German, French and Spanish language processing capabilities to its platform. In June 2020, Hyperscience announced a $60M Series C financing round led by Bessemer Venture Partners, on the heels of accelerated business momentum, including over 300 percent revenue growth year-over-year and a 3x increase in platform usage month-over-month.