Chris Mullan & Tim Crowe: Eigen Technologies: Making data useful (230)

InsTech - insurance & innovation with Matthew Grant & Robin Merttens

InsTech

Business, Entrepreneurship, Investing

4.9 • 51 Ratings

🗓️ 12 February 2023

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Eigen Technologies provides natural language processing (NLP) technology to clients across multiple sectors. Chris Mullan, SVP of Product; and Tim Crowe, Director of Insurance Solutions, joined Robin Merttens on this episode to discuss how they help the insurance industry get access to all the insightful data trapped in the many bespoke, complex and rapidly changing documents that the industry relies on. Talking points include: Unstructured data and the inherent issues it causes in the insurance process The unique issues that arise from London’s Market reform contracts Past experiences of the insurance industry, including the overpromising of vendors and failure to deliver The role of AI, Machine Learning and how to accurately describe them How documents vary across geographies and the issues that creates. We’d love to know what you think about this episode - click here and add your thoughts to our LinkedIn post about it. If you like what you're hearing, please leave us a review on whichever platform you use or leave a post on Linkedin or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe some of the reasons it is imperative to maintain structured data and the issues that arise from unstructured data Summarise how past challenges have enabled future success Explain some of the pros and cons of using artificial intelligence and the vital role it plays in the digital world If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 230 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Hello, everyone, and welcome to another edition of the Instech podcast. This week, we're talking to the folks at Eigen Technologies. I've got with me Chris Mullen, who's the head of product. Hello, Chris.
0:09.9	Hey, Robin. And Tim Crow, he's the director of insurance. Hi, Tim. Hi, Robin. Great to be here.
0:14.5	Where are you speaking from? That's clearly an accent we all recognize.
0:18.2	Yes, I'm speaking from America, not far outside of New York City.
0:22.5	Let's talk about eigen Technologies. It's a company we've known at Intertech for a couple of years.
0:27.6	You've been members and supporters of ours, which we're very grateful for. But bring everybody
0:32.6	up to date, Chris. Give us a little bit about the history of Eugen and where you are today.
0:38.1	We're an AI company that's founded in 2015, so we're entering our eighth year.
0:43.9	And in simple terms, what we try and do is make data useful for customers.
0:48.5	The kind of thesis behind Eugen is about 80, 90% of all the data stuff people want to use is trapped inside documents,
0:57.7	be that contracts, emails, invoices, reports, whatever.
1:00.7	And this means that people are trying to drive businesses and make decisions
1:04.3	with about 90% of the stuff that would be useful to make that decision, not being used.
1:10.1	So Igens founded on this principle of how do we use technology to make that decision, not being used. So Eugen's founded on this principle
1:12.2	of how do we use technology to extract that useful stuff out of the documents. We moved into
1:17.2	insurance about four years ago. It's our fastest growing sector. Both Tim and I have been
1:21.6	recruited in from the industry, you know, long histories and insurance to increase our knowledge,
1:26.9	experience and dedication to the
1:28.4	sector. Chris, what were you doing before you joined Eagan? I've worn many hats. The one I can never
1:33.8	get rid of is I'm an actuary. You know, that's how I started off in insurance, manning the
1:37.7	spreadsheets, running the numbers, learning the math, all that good stuff. Yeah, through that,
1:42.0	I ended up falling into the whole of consultancy, spent
	...

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