Aon partners with Athenium for predictive analytics claims solution

Re/insurance broker Aon has partnered with insurance risk analytics provider Athenium Analytics to develop a next-generation claims quality platform to enable insurers to identify high-risk claims.

The new platform uses artificial intelligence (AI), natural language processing (NLP) and predictive analytics to examine claims, and enables insurers to uncover any high-risk claim characteristics, while providing real-time alerts to help mitigate those risks early in the claims cycle.

Aon believes that predictive insights can help improve claims indemnity and expenses by 4-6 percent. Complex claims have historically been monitored manually with the potential for oversights and errors.

John Wang, partner at Aon Inpoint, said: “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.”