Re/insurance broker Aon plc has announced it is collaborating with Athenium Analytics to develop a claims quality platform to enable insurers to identify high-risk claims.
The new platform is expected to attain an estimated 4-6% improvement in claims indemnity and expenses, according to Aon analysis.
There is an immense pressure which carriers are under to operate more efficiently, improve the customer experience and manage loss costs. However, more complex claims have historically been monitored manually with the potential for oversights and errors.
This has resulted in Aon and Athenium Analytics creating a Claims Signal, a web-based platform that aims to improve the quality of claims handling utilising artificial intelligence, natural language processing and predictive analytics to continuously examine open claim files.
This solution enables insurers to uncover any high-risk claim characteristics and provide real-time alerts to help mitigate those risks early in the claims cycle.
John Wang, partner at Aon Inpoint, commented: “Insurers are always looking to achieve more insights from their claims data. But all too often, we see carriers sitting on a wealth of valuable information with limited tools to leverage it for both their operations and policyholders.
“The partnership between Aon and Athenium Analytics with the launch of the Claims Signal Platform opens a world of new opportunities for insurers of all sizes. Predictive analytics enables carriers to be proactive instead of reactive.
“These predictive insights can help improve indemnity and expenses by 4-6% according to Aon analysis, making tangible impacts to the bottom line. That is a big deal.”
Bill Pardue, the chairman and CEO of Athenium Analytics, added: “We are delighted to be partnering with Aon to build the future of open claims analytics with the Claims Signal Platform.
“Aon’s insurance pedigree and technical prowess, combined with our predictive modelling, data science and engineering expertise, allows carriers to tap into years of historical claims data to optimise claims, increase customer satisfaction and make smarter business decisions.”
