Global insurance and reinsurance broker Aon has leveraged Groundspeed’s artificial intelligence (AI) technology to uncover invaluable insights, helping the firm identify underlying causes of claims.
The AI technology harvested critical data from thousands of historical insurance documents, identifying 170 million data points.
Aon states that the manual process of extracting data resulted in a loss of 95% of valuable information.
By leveraging Groundspeed’s AI tech, which includes computer vision, machine learning and natural learning processing, Aon can now accurately identify and structure valuable information from these documents and store it all in one place.
The broker says that this data is helping identify underlying causes of claims, industry benchmarks and losses versus premium, ultimately driving opportunities to broaden coverage and help companies lower their total cost of risk.
At the same time, Aon says this will help create new solutions and treaties that target lowering premiums for clients, through a better understanding of loss trends across different business lines and risk segments.
The historical insurance documents from which data was collected represent $142 billion in total incurred losses and $1.7 trillion in total insured value.
Steve Petrevski, Senior Vice President (SVP) of Enterprise Analytics, Innovation & Partnerships at Aon, said: “Aon’s industry expertise and Groundspeed’s technology expertise have combined in this partnership to develop artificial intelligence capabilities that unlock insights that were trapped in a broad range of unstructured files and documents.
“Insurers will benefit from increased operational efficiency and a higher understanding of risks, while businesses can take advantage of more relevant products.”
Through Aon’s Enterprise Analytics Platform, insurers are now able to replace manual processes and access Groundspeed’s technology. This initiative is part of the broker’s technological evolution to develop and deliver new products that meet client demand.
Co-Chief Executive Officer (CEO) at Groundspeed, Jeff Mason added: “We’ve been very fortunate to work with Aon. They’ve been an incredible partner to Groundspeed.
“Even as a global powerhouse with over 50,000 employees, Aon’s commercial drive to enhance the value for their clients and improve its partnership with the (re)insurance carrier community is evident in our day to day collaborations and how they seek to utilize our capabilities.”