Aon Collaborates with Athenium Analytics to Identify High-Risk Claims through Predictive Analytics
Chicago, IL (Oct. 6, 2020) – Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has announced it is collaborating with Athenium Analytics to develop a next-generation claims quality platform to enable insurers to identify high-risk claims. The new capability will enhance the policyholder experience while achieving an estimated 4-6% improvement in claims indemnity and expenses, according to Aon analysis.
Carriers today are under pressure to operate more efficiently, improve the customer experience and manage loss costs. However, more complex claims have historically been monitored manually with the potential for oversights and errors. In response, Aon and Athenium Analytics have created Claims Signal™, a web-based platform that assesses, analyzes and improves the quality of claims handling utilizing artificial intelligence (AI), natural language processing (NLP) and predictive analytics to continuously examine open claim files. This solution enables insurers to uncover any high-risk claim characteristics and provide real-time alerts to help mitigate those risks early in the claims cycle.
John Wang, partner at Aon Inpoint, commented, “Insurers are always looking to achieve more insights from their claims data. But all too often, we see carriers sitting on a wealth of valuable information with limited tools to leverage it for both their operations and policyholders. The partnership between Aon and Athenium Analytics with the launch of the Claims Signal Platform opens a world of new opportunities for insurers of all sizes. Predictive analytics enables carriers to be proactive instead of reactive. These predictive insights can help improve indemnity and expenses by 4-6% according to Aon analysis, making tangible impacts to the bottom line. That is a big deal.”
Bill Pardue, chairman and CEO of Athenium Analytics, added, “We are delighted to be partnering with Aon to build the future of open claims analytics with the Claims Signal Platform. Aon’s insurance pedigree and technical prowess, combined with our predictive modeling, data science and engineering expertise, allows carriers to tap into years of historical claims data to optimize claims, increase customer satisfaction and make smarter business decisions.”
Aon is committed to helping clients leverage emerging technologies and new ways of working that advance their strategic initiatives. This offering 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.
Learn more about the Claims Signal Platform.
About Aon
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. For more information, visit www.aon.com.
About Athenium Analytics
Athenium Analytics helps insurance carriers make faster, more informed decisions by enabling them to find new opportunities for growth, efficiency and continuous improvement. The company offers industry-leading InsurTech software that helps carriers drive quality, improve performance and write smarter business using predictive analytics and actionable insights. For more information, visit www.athenium.com.
SOURCE: Aon plc
Tags: analytics
Read the original article at Insurance-Canada.ca