Re/insurance brokerage firm Aon has introduced a claims analysis platform that enables insurers to accelerate their claims processing and improve customer experience.
The AI-powered solution, known as ClaimsMonitor.X, was developed in collaboration with US-based insurtech firm CLARA analytics.
Leveraging natural language processing, the platform reads claims notes to determine whether the claim adjusters are adhering to the best practices.
In case the platform detects that the claim adjusters not following the best practices, it sends an alert to the concerned supervisor.
The platform reduces the need of an insurance supervisor as it can monitor the progress of an insurance claim.
Aon in a statement said: “Having the ability to focus on only those claims that require intervention will increase the productivity of a claims supervisor’s time – enabling them to focus on customer service, resolution strategies, complex claims, coaching and performance management.”
Aon Inpoint head of claims John Wang stated: “By leveraging our experience with over 100 P&C carriers in consulting and software engagements, we have contributed to the delivery of 2% to 4% in loss ratio improvement.”
At present, the claims analysis platform is available to insurance companies in the US and Canada only.
In July, Aon and insurtech Bunker signed a commercial agreement to serve the growing one-demand, sharing, gig economy.
In the same month, Aon collaborated with Oxfam and insurtech Etherisc to introduce a blockchain-based agricultural insurance platform for small farmers and farms in Sri Lanka.