Aon unlocks insurance trends from its unstructured documents through Groundspeed’s AI
Aon plc has uncovered invaluable insights by identifying 170 million data points from historical insurance documents with the help of Groundspeed’s artificial intelligence technology...
Insurance carriers receive over a billion pages of documents each year in support of underwriting, claims management and risk mitigation. The manual process of extracting key data led to a loss of 95% of valuable information, unsatisfactory accuracy and bottlenecks in the underwriting process.
Now, millions of documents once consigned to a filing cabinet or individuals’ hard drives have been given a new lease of life. With the support of Groundspeed’s technology, which includes computer vision, machine learning and natural language processing, Aon can now accurately identify and structure information from these documents and store it within a central repository for analysis.
Groundspeed harvested critical data from thousands of insurance documents – representing USD142 billion in total incurred losses and USD1.7 trillion in total insured value to reveal 170 million data points including limits, deductibles and exposures.
This data is helping to identify underlying causes of claims, industry benchmarks and losses versus premium – driving opportunities to expand coverage and help businesses reduce their total cost of risk. It also enables Aon to create new risk transfer solutions and treaties aimed at reducing premium for clients by developing a better understanding of loss trends within different lines of business and risk segments.
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.”
Insurers can now also replace manual processes and access Groundspeed’s technology via Aon’s Enterprise Analytics Platform with secure document sharing and the ability to consume the extracted data in a user-friendly format. This initiative is part of Aon’s technological evolution to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way, through innovative partnerships.
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.”
Aon’s partnership with Groundspeed enables the firm to analyze all major lines of business from workers compensation, liability, property and automobile to complex specialty programs and multi-layer structures.