Global re/insurance broker Aon has announced the launch of ClaimsMonitor.X, an artificial intelligence-driven platform that can quickly analyse claims notes and provide insights into an insurer’s efficiency and profitability.
The platform, available to insurers in the US and Canada, has been developed in collaboration with CLARA analytics, a provider of AI technology to the insurance industry.
Natural Language Processing is used to constantly read claims notes to identify if adjusters are following best practices – or an alert is sent to the supervisor.
Aon’s own studies concluded that supervisors spend over 40% of their diary time reviewing open files to determine if the claim is being handled in compliance with the insurer’s internal best practice guidelines.
Therefore, Aon believes that having the ability to focus only on claims which require intervention will increase productivity and free up time to be spent on customer service, resolution strategies, complex claims, coaching and performance management.
“ClaimsMonitor.X brings an exciting opportunity for insurers to benefit from the power of artificial intelligence and NLP,” said John Wang, head of claims for Aon Inpoint.
“By leveraging our experience with over 100 P&C carriers in consulting and software engagements, we have contributed to the delivery of 2% to 4% in loss ratio improvement. We continue to add new solutions to improve adjuster performance and claim outcomes.
“Artificial Intelligence coupled with CMX will revolutionize the next generation of claims leaders and organizations. Our growing collaboration with CLARA reflects Aon’s technological evolution to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way.”
Neil Harrison, global Chief Claims Officer for Aon’s Commercial Risk Solutions business, added, “Our clients expect and deserve best in class claims services from insurers for both claim process and outcomes.
“This solution has an important role to play in ensuring these expectations are met. Speed and accuracy at all phases of the claim journey are key for insurers and customers alike.”