UK-based insurance broker Aon has extracted critical data insights from its unstructured documents using Groundspeed’s artificial insurance (AI) technology.
Insurance firms, which receive over a billion pages of documents each year, are said to lose 95% of information due to manual data extracting process.
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Aon said that Groundspeed’s AI technology helped it identify 170 million data points, including limits, deductibles and exposures, from historical insurance documents.
The extracted data is expected to help the insurer to identify underlying causes of claims, industry benchmarks and losses versus premium.
Furthermore, it will enable the company to develop new risk transfer solutions and treaties that could slash premium for clients.
Aon senior vice president of enterprise analytics, innovation & partnerships Steve Petrevski said: “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.
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By GlobalData“Insurers will benefit from increased operational efficiency and a higher understanding of risks, while businesses can take advantage of more relevant products.”
Groundspeed co-CEO Jeff Mason said: “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 utilise our capabilities.”
Aon noted that it intends to use this partnership with Groundspeed to analyse all lines of business including workers compensation, liability, property, automobile, specialty programmes, and multi-layer structures.
