Historically, monitoring individual claims is a costly and time-consuming process. Indeed, Aon’s time studies have shown that supervisors spend over 40 per cent of their diary time reviewing open files to determine if the claim is being handled in compliance with the insurer’s internal best practice guidelines.
Aon’s new offering, which was developed in collaboration with AI technology provider CLARA analytics and is available to insurers in the US and Canada, leverages natural language processing (NLP) to constantly read claims notes to identify if adjusters are following best practices – or an alert is sent to the supervisor. As such, the platform provides the supervisors with the freedom to focus on only those claims that require intervention, increasing staff productivity and the overall efficiency and profitability of the insurance firm, all while enhancing the customer service experience for policyholders.
The new approach builds on Aon’s Inpoint ClaimsMonitor software solution for claims auditing by extracting unstructured data using NLP and AI. To date, insurers only had the internal resources required to review a sample of claims cases. The new CMX platform enables them to review claims across all lines of business and take a holistic view of their performance. This identifies areas for cost management, while meeting insurers’ obligations to policyholders.
“ClaimsMonitor.X brings an exciting opportunity for insurers to benefit from the power of artificial intelligence and NLP. By leveraging our experience with over 100 carriers in consulting and software engagements, we have contributed to the delivery of two per cent to four per cent in loss ratio improvement,” said John Wang, Head of Claims for Aon Inpoint. “We continue to add new solutions to improve adjuster performance and claim outcomes. AI coupled with CMX will revolutionise the next generation of claims leaders and organisations. Our growing collaboration with CLARA reflects Aon’s technological evolution to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way.”