How ONE Insurance is Boosting Application Processing

Background

As Europe’s first 100% digital full-service insurance provider, ONE Insurance is committed to remaining at the forefront of digitally-driven insurance while redefining the customer and broker experience. With goals to expand from Germany into the broader European market, ONE Insurance was looking to automate cumbersome manual processes in order to keep up with its triple-digit growth and prevent hiring from out-accelerating revenue growth.

Within their motor insurance business, for example, ONE Insurance works with an extensive broker network. End customers can save 5% from their existing policy with another provider by submitting their policy certificate and invoice at the time of renewal. Brokers are responsible for keying this information into the ONE Insurance broker portal, generally including a PDF copy of the existing policy for validation, which results in a real-time policy issuance for the consumer. Without a tool like Hyperscience, ONE Insurance employees have to manually verify that information, which makes accurate data extraction paramount to their business model.

At the moment, employees are checking invoices by hand, opening the attachment in our CRM system and marking the contract as checked. To keep up with demand, we’d have to more than triple the number of employees assigned to this manual task.

Tamara Ries, Business Analyst and Hyperscience Project Lead, ONE Insurance

Choosing Hyperscience

When the firm began their search for a document processing software they were “not only looking to increase the speed of the process but reduce the number of errors” – a goal they were able to achieve with Hyperscience. 

“Hyperscience will be instrumental in helping us to automate critical tasks with high levels of accuracy, achieving fast and efficient applications processing and underwriting.”

Philip Klossner, COO, ONE Insurance 

With the Hyperscience Platform, critical data from the submitted documents, including first name, last name, billing address and more are automatically extracted, and can be compared to what’s entered into the portal. If there is a discrepancy, ONE Insurance can quickly correct it, streamlining the new customer application and onboarding process and reducing the overall likelihood of errors or policies that need to be queried or updated.

Performance-wise, the Hyperscience Platform exceeded expectations. When tasked with extracting the most important and difficult-to-manage fields for processing policies, Hyperscience exceeded 90% field ID accuracy and more than doubled throughput.

Over the next 2 years, this could amount to more than 3 minutes saved per document or 469 total days.

Another reason Hyperscience stood out above the rest was that the team wouldn’t need to hire a specialist or technical resources in order to use Hyperscience for new motor, home and personal liability lines of insurance applications. The platform’s ease of use not only saves time and money but also allows the firm to scale more efficiently, and the ability to deploy on-premise meant ONE Insurance could meet the needs of EU privacy regulations.

The Hyperscience Platform’s quick time-to-value and proven experience in the insurance industry, combined with our highly responsive Customer Experience team, made the decision a no-brainer: 

“Hyperscience combines technology that is very well-rated with a business and people-driven approach. The technology is easily implemented and helps us automate data extraction across diverse documents. The outstanding service provided is a plus.”

Tamara Ries, Business Analyst and Hyperscience Project Lead, ONE Insurance

Plans for the Future

With Hyperscience’s cutting-edge Machine Learning [ML] technology, ONE Insurance is able to overcome the inaccuracies and inefficiencies of manual processes, unlocking operational efficiencies to deliver an industry-leading customer and broker experience. 

I am excited about pushing automation forward in our industry and pushing the boundaries of service – and experience – that customers are used to. We’re also thrilled to offer our customer service teams relief from more repetitive, manual work, freeing them up to take care of more important customer problems.

Tamara Ries, Business Analyst and Hyperscience Project Lead, ONE Insurance

Moving forward, ONE Insurance is looking to Hyperscience as their partner who will allow them to scale their end-to-end capabilities while driving significant growth of their broker network.