Hyperscience today announced that wefox insurance, the first digital full-service insurance provider in Europe, has selected the Hyperscience Platform for its advanced Intelligent Document Processing [IDP] capabilities. With the Hyperscience Platform, wefox insurance can reduce manual keying and validation, improve data quality, and streamline application processing across their motor, home [personal contents] and personal liability lines of insurance.
We are committed to remaining at the forefront of digitally-driven insurance, and we’re redefining the customer and broker experience. 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.Tamara Ries, wefox insurance
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 wefox insurance’s commitment to end-to-end digital processing and their exciting growth trajectory. Using the Hyperscience Platform, wefox 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.Charlie Newark-French, Chief Operating Officer, Hyperscience
Hyperscience uses cutting-edge 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. wefox insurance selected Hyperscience for its ability to reliably process handwriting and low-resolution images, its quick time-to-value and proven track record in the insurance industry.
It’s rewarding to work with an organization like wefox insurance that’s on the leading edge of digitization. Thanks to our cutting-edge technology, wefox 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.Nay Odutola, Vice President of EMEA, Hyperscience
The win reflects increased demand for the Hyperscience offering across the EMEA region. In 2019, the company opened a London office, joining its New York City and Sofia, Bulgaria locations, to meet the 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% revenue growth year-over-year and a 3x increase in platform usage month-over-month.
Don’t miss this exclusive video interview with our COO Charlie Newark-French for more insights on the future of insurtech.