Chicago, IL (July 22, 2019) \u2013 Aon plc, the leading global professional services firm providing a broad range of risk, retirement and health solutions, has expanded its strategic alliance with CLARA analytics (\u201cCLARA\u201d), the leading provider of artificial intelligence technology in the commercial insurance industry, to help prevent litigation from entering the Workers\u2019 compensation claims process and help U.S. companies reduce costly fees.<\/p>\n
According to data from Aon\u2019s Casualty Laser Diagnostic tool, attorney involvement on a workers\u2019 compensation claim increases total claim costs, often greater than 400 percent; claims take 195 percent longer to resolve, and injured employees miss an average of 284 percent more days of work.<\/p>\n
\u201cLitigation is the most significant cost driver in the casualty claims area and we are thrilled to collaborate with CLARA to solve this major cost burden,\u201d said Kevin Combes, director, Aon Global Risk Consulting. \u201cThe upgraded solution will significantly reduce workers\u2019 compensation claim costs, increase efficiency and deliver innovative solutions that help reduce U.S. companies\u2019 total cost of risk.\u201d<\/p>\n
To dramatically reduce this cost, this technology uses AI insights to help detect claims that are at risk of becoming litigated before issues arise, identify an attorney, if needed, and resolve claims efficiently \u2014 all in a highly scalable way.<\/p>\n
Steve Petrevski, senior vice president of Enterprise Analytics, Innovation & Partnerships at Aon, added, \u201cAI is bringing new possibilities to the way we manage risk. Our growing collaboration with CLARA reflects Aon\u2019s technological evolution to deliver new products that meet clients\u2019 needs today and tomorrow, in a transparent and efficient way.\u201d<\/p>\n
Aon, in collaboration with CLARA, has now fully integrated this technology with Aon\u2019s Litigation Analysis, Mitigation and Benchmarking of Defense Attorneys (LAMBDA) solution. This solution helps risk managers understand their underlying legal costs and \u2013 by placing the focus on performance rather than hourly rates or billing practices \u2013 determine the relative efficiency of the defense firms they engage.<\/p>\n
\u201cWe are thrilled to join forces with Aon to bring this groundbreaking product to market. We believe strongly that the primary purpose of AI in claims operations is to provide tools to dramatically improve the claimant experience, stated Jayant Lakshmikanthan, Founder and CEO of CLARA analytics. \u201cAon\u2019s LAMBDA 2.0 will help accelerate efforts towards that goal by addressing various aspects of the litigation-related workflows in the claims process \u2013 from litigation avoidance, to defense attorney selection, to helping with settlement strategies.\u201d<\/p>\n
About Aon<\/b><\/p>\n
Aon plc (NYSE:AON) <\/i> 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. <\/span>Visit www.aon.com<\/a> for more information.<\/p>\n About CLARA <\/b><\/p>\n CLARA analytics improves claims outcomes in commercial insurance with easy-to-use artificial intelligence (AI)-based products. CLARA\u2019s suite helps claims teams reduce various sources of loss costs in claims handling by keeping claims on track throughout their life cycle. The suite uses the latest in AI and machine learning (ML) technology and can integrate easily into any workflow or infrastructure to rapidly start showing value. CLARA\u2019s customers include companies from the top 25 insurance carriers to small, self-insured organizations. CLARA analytics was founded in 2015 and is headquartered in Silicon Valley in California. For more information, visit www.claraanalytics.com<\/a>,<\/p>\n SOURCE: Aon plc<\/i><\/p>\n Tags: Aon<\/a>, Artificial Intelligence (AI)<\/a>, partnership<\/a>, United States (USA)<\/a> Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Chicago, IL (July 22, 2019) \u2013 Aon plc, the leading global professional services firm providing a broad range of risk, retirement and health solutions, has expanded its strategic alliance with CLARA analytics (\u201cCLARA\u201d), the...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16095"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16095"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16095\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}