CHICAGO, Oct. 5, 2021 – Aon plc (NYSE: AON), a leading global professional services firm, today announced a milestone update to its Claims Signal™ Platform (CSP).
Developed in collaboration with Athenium Analytics, CSP now includes two new predictive analytics models that provide daily alerts to claims handlers as new information is collected:
- Risk of attorney involvement – CSP analyzes historical loss run data, injury details, accident information and correspondence with involved parties to determine the overall probability for attorney involvement for any open auto claims.
- Likelihood of subrogation across auto-related claims – By using driver actions and potential liability data, as well as referencing both structured and unstructured data against loss-state regulations, the model predicts the likelihood for subrogation opportunity on receipt of each claim, providing early insights to loss adjusters.
Aon’s collaboration with Athenium demonstrates its commitment to helping clients leverage emerging technologies to meet their strategic objectives. The new predictive functionality represents the most significant enhancement to CSP since its launch in October 2020, helping claims professionals make better decisions.
John Wang, partner at Aon Inpoint, commented: “The new attorney involvement and subrogation models represent a major step forward for the Claims Signal™ Platform, building on the existing action-based alerting that helps claims teams improve performance and financial outcomes. This update furthers our shared mission with Athenium to deliver leading-edge tools and data for proactive insurance carriers competing in an increasingly crowded marketplace.”
Claims Signal uses natural language processing to analyze 100 percent of open claims and deliver actionable alerts that help carriers improve claims handling, reduce claims indemnity and expenses and enhance the customer experience by shortening claim lifecycles. With the addition of predictive modeling, CSP enables claims teams to transform the audit process from reactive to proactive – allowing insurers to drive claims quality across more than 30 dimensions, across the claims process, by identifying and addressing key file issues before they close.
Jordan Foley, president of Athenium Analytics, added: “This latest release is a major milestone for Claims Signal and speaks to the success of our collaboration with Aon. The platform’s predictive scoring adds significant value as insurers push to automate their claims and quality workflows. Carriers can improve the bottom line by correcting file issues before they appear in monthly audits.”
Through Claims Signal, claims adjusters have the potential to deliver an estimated 4-6 percent improvement in claims indemnity and expenses, whilst reducing the time spent by managers on administrative tasks such as diary review and file audits by up to 33 percent, according to Aon data.
Claims Signal can deliver significant value across the claim lifecycle, and aims to help insurer clients to protect and grow their businesses and navigate volatility, through streamlining their operations, controlling loss costs and improving profitability.
Learn more at https://www.aon.com/inpoint/consulting/claims/software-solutions.jsp
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