Aon uses artificial intelligence to extract critical data insights from historical documents

Re/insurance broker Aon has partnered with US-based insurtech Groundspeed to extract critical data insights from its unstructured documents using artificial intelligence (AI) technology.

The broker claims to have uncovered "invaluable insights" from its historical insurance documents that is helping it identify underlying causes of claims, industry benchmarks and losses versus premium.

Aon said its partnership with Groundspeed has enabled the firm to analyse all major lines of business from workers compensation, liability, property and automobile to complex specialty programs and multi-layer structures. It has helped the company 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.

Groundspeed’s technology, which includes computer vision, machine learning and natural language processing, can be accessed by insurers via Aon’s Enterprise Analytics Platform.

“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," said Steve Petrevski, SVP of enterprise analytics, innovation & partnerships at Aon. "Insurers will benefit from increased operational efficiency and a higher understanding of risks, while businesses can take advantage of more relevant products.”