Global (re)insurance broker Aon has partnered with Groundspeed artificial intelligence (AI) to unlock invaluable insights, helping the business identify the underlying causes of claims.
With the help of Groundspeed’s AI technology they have been able to identify 170 million data points from historical insurance documents
In a recent press release Aon states the manual process of extracting key data led to a loss of 95% of valuable information, unsatisfactory accuracy and bottlenecks in the underwriting process.
By using Groundspeed’s AI technology which includes computer vision, machine learning and natural language processing, Aon can now accurately identify and structure information and store it all in one central place.
The data that was collected from the historical insurance documents represents $142bn in total incurred losses and $1.7trn in total insured values.
Aon Says that the harvested data is helping to identify underlying causes of claims, industry benchmarks and losses versus premiums while also driving opportunities to increase coverage and help businesses reduce their risk costs.
It also enables the business to create new risk transfer solutions and treaties designed for decreasing premiums for clients by developing a better understanding of loss trends within different lines of business and risk segments.
With Aon’s Enterprise Analytics Platform insurers can now also replace manual processes and access Groundspeed’s technology. This initiative is part of Aon’s technological evolution to deliver new products that meet clients’ needs in a transparent and efficient way.
Steve Petrevski, senior vice president of enterprise analytics, innovation & partnerships at Aon, commented: “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.”
Jeff Mason, Co-CEO at Groundspeed, 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.”