Luxembourg insurance company Foyer and French FinTech company Lingua Custodia have joined forces to create a first translation engine specific to the insurance sector.
The two companies began their collaboration following discussions at the KPMG Fintech Awards ceremony, of which Lingua Custodia was one of the winners, in June 2018.
With Foyer placing importance on addressing its customers and partners in the language of their choice, the insurance company recently decided to improve and harmonise its translation processes through a partnership with Lingua Custodia, a translation specialist. Foyer Group will thus contribute to the creation of a first translation engine specific to the insurance sector and will benefit from quality machine translation services, accessible via the "Verto" online platform. The use of this portal will make it possible to simplify flows, facilitate exchanges and considerably shorten processing times.
Chosen for its speed, competitiveness and quality of translation, Lingua Custodia aims to reduce the costs of translations of financial documents and minimise management time, while guaranteeing the security of the data exchanged. Over time, translation engines feed on translations made using artificial intelligence technology called Machine Learning.
For its part, through various collaborations with several FinTechs, Foyer is pursuing its innovation strategy aimed at building synergies with technology startups. This partnership between Foyer and Lingua Custodia is an example of the desire to create a stable and lasting relationship between the innovative FinTech ecosystem and Luxembourg's leading insurance company.
Michel Etienne, Foyer’s IT Correspondent for Business, commented: "Luxembourg is by essence and tradition a multilingual environment. Speaking to clients in the language of their choice has always been a priority at Foyer, in order to serve them as well as possible. Made possible by our actions within the ecosystem of innovation in Luxembourg, this new technological partnership resorting to artificial intelligence will accelerate our translation process while making it ever more reliable and efficient, for the benefit of our national and international customers”.
Frédéric Moioli, CEO of Lingua Custodia Luxembourg, added: "The Fintech culture of Foyer's teams and our expertise in Machine Learning applied to financial translation naturally led us to develop together our first automated translation engine specialised in insurance. This collaboration represents the first contract signed by Lingua Custodia Luxembourg, a new subsidiary inaugurated on 10 October. Our team of course intends to offer our solutions on the Luxembourg market, but also to bring them to all European markets”.