Eucon: Applying AI know-how to build a digital leader - Hg

Search

Press Enter to search, Esc to close


Search suggestions

Downloads
PDF Case Study
Interested?

If you’d like to know more please get in touch at info@hgcapital.com

With c. 400 staff, a headquarters in Germany and an additional office in the USA, Eucon consists of two business units: Automotive and Digital Services.

The Automotive division is a leading provider of automotive parts pricing and reference data to vehicle and parts manufacturers globally with Eucon collecting, processing and supplying crucial data to support its customers in managing their parts and aftermarket operations.

The Digital Services division provides highly automated claims management services to insurers in Germany, helping them achieve lasting reductions in claims expenditure through the sophisticated automation of claims processes and application of structured data, for both car and property insurance claims.

In addition to this, Eucon’s Digital Services help Real Estate clients automate data extraction, leveraging AI and machine learning capabilities.

The business serves nearly 250 clients operating in 40 countries globally.

What did we like about them?

Eucon’s business sits at the intersection of two growth drivers in which Hg has built substantial experience: the value of big data on the Automotive side and the increasing digitisation of the insurance market on the Digital Services side.

Refine and focus

The Eucon of 2015 encompassed many diverse businesses at different stages of maturity and profitability.

The Eucon of today comprises two distinct, separate and focused arms:

A leading provider of software bringing together automotive parts prices and information.

The division is now a heavily customisable automotive information supplier with reusable modules rather than a pure consulting business.

We invested heavily and transformed this division from a BPO provider to a BPaaS-focused digitalisation partner for insurance companies.

Apply technology

Through the digitalisation and automation of claims processes leveraging Artificial Intelligence technology…

85%

faster classification

25%

cost decrease

50%

cut in processing & review times

Eucon’s Smart Claims process won the renowned Digital Leader Award 2018. Winners in previous years include Daimler and Lufthansa.

New talent

A huge element of Eucon’s success has been partnering with Sven Krueger as CEO.

Sven joined in January 2016. Previously he was on the executive board of Hella Aftermarket (automotive parts business) and was responsible for €600 million revenues and over 3,000 employees.

Since joining, Sven has:

  • Upgraded the first & second tier management team;
  • Expanded Eucon’s automotive business to Japan and Latin America whilst continuing to invest in strong growth in the US; and
  • Invested substantially in the development of AI-based products in Digital Services (replacing BPO products).

Related content