Aon, a major global professional services and consulting firm, has launched a new artificial intelligence (AI) platform, Contract AI, designed to enhance contract certainty through the rapid analysis of reinsurance coverage.
Contract AI interrogates Aon’s entire U.S. and Canada contract database from the past three years in real-time to identify global coverage trends, limitations, and exclusions. To ensure privacy, all data is analysed on an aggregated basis.
This technology allows Aon brokers to offer strategic guidance regarding future coverage needs, and demonstrates the firm’s commitment to AI-driven tools that enhance the value provided to clients.
Aon explained that historically, evaluating the market wide impact of complex events on coverage required an extensive manual review of broker intelligence, endorsements, exclusions, clauses, and carrier communications – a process that often required days or even weeks.
Contract AI covers 15 lines of reinsurance business, from property and casualty to E&S and Life. The tool enables Aon’s reinsurance brokers to evaluate evolving clauses, exclusions and broader market trends to negotiate and optimize cover for insurer clients.
Aon’s new AI platform can be used both reactively and preemptively. Following major occurrences, such as geopolitical unrest, cyber threats, supply chain issues, or natural disasters, it provides reactive analysis.
Preemptively, it assists during renewal phases by pinpointing coverage shifts, assessing reinsurer interests, and providing market benchmarking to aid in placement strategy and peer reviews.
“We need to ensure that our clients have robust coverage with no gaps or surprises to fulfil claims commitments to their customers and create sustainable portfolios,” said Randy Stanco, President, U.S. Reinsurance Business Performance at Aon. “Contract AI enables our reinsurance brokers to quickly analyse market developments at scale, identify emerging coverage considerations and provide clients with timely, relevant advice to meet strategic goals.”
Contract AI, developed by the firm’s Risk Capital Product Team, leverages large-scale data aggregation, natural language processing and intelligent search capabilities across market concise insights to clients.
Marc Boone, global head of product strategy for reinsurance at Aon, added: “Contract AI advances Aon’s position in developing innovative technology that enhances the analysis of critical reinsurance coverage, building trust and resilience across our industry. As the risk landscape becomes ever more dynamic, Aon’s AI-enabled capabilities will play an important role in helping organizations make more informed business decisions.”
