Global re/insurance broker Aon has announced an update to its Claims Signal Platform (CSP), adding two new predictive analytics models that provide daily alerts to claims handlers as new information is collected.
CSP was developed in collaboration with Athenium Analytics and now includes two new predictive analytics models that provide daily alerts to claims handlers as new information is collected.
For example, CSP analyses historical loss run data, injury details, accident information and correspondence with involved parties to determine the overall probability for attorney involvement for any open auto claims.
Furthermore, by using driver actions and potential liability data, as well as referencing both structured and unstructured data against loss-state regulations, the model predicts the likelihood for subrogation opportunity on receipt of each claim, providing early insights to loss adjusters.
Aon’s collaboration with Athenium is seen as a demonstration of its commitment to helping clients leverage emerging technologies to meet their strategic objectives.
The new predictive functionality represents the most significant enhancement to CSP since its launch in October 2020.
“The new attorney involvement and subrogation models represent a major step forward for the Claims Signal Platform, building on the existing action-based alerting that helps claims teams improve performance and financial outcomes,” said John Wang, partner at Aon.
“This update furthers our shared mission with Athenium to deliver leading-edge tools and data for proactive insurance carriers competing in an increasingly crowded marketplace.”
Claims Signal uses natural language processing to analyse 100% of open claims and deliver actionable alerts that help carriers improve claims handling, reduce claims indemnity and expenses and enhance the customer experience by shortening claim lifecycles.
With the addition of predictive modeling, CSP enables claims teams to transform the audit process from reactive to proactive – allowing insurers to drive claims quality across more than 30 dimensions, across the claims process, by identifying and addressing key file issues before they close.
Jordan Foley, president of Athenium Analytics, added, “This latest release is a major milestone for Claims Signal and speaks to the success of our collaboration with Aon.”
“The platform’s predictive scoring adds significant value as insurers push to automate their claims and quality workflows. Carriers can improve the bottom line by correcting file issues before they appear in monthly audits.”