(Image credit: Jürgen Rübig.)
Aon plc (London/Chicago), a global professional services firm providing a broad range of risk, retirement and health solutions, has launched its ClaimsMonitor.X (CMX) platform, which uses artificial intelligence (AI) to read claims notes on open files, enabling insurers in the U.S. and Canada to review their progression for increased efficiency and profitability while enhancing the customer service experience for policyholders, according to a statement from Aon. The solution seeks to mitigate the often costly and time-consuming process of monitoring claims.
Dave Ertmer, SVP, Claims, West Bend Mutual.
In collaboration with CLARA analytics (Santa Clara, Calif.), a provider of artificial intelligence technology to the insurance industry, CMX leverages Natural Language Processing (NLP) to constantly read claims notes to identify whether adjusters are following best practices, or whether an alert is sent to the supervisor, according to the Aon statement. The company reports that it has conducted time studies that have shown that supervisors spend over 40 percent of their diary time reviewing open files to determine whether a claim is being handled in compliance with the insurer’s internal best practice guidelines. Having the ability to focus on only those claims that require intervention will increase the productivity of a claims supervisor’s time, enabling them to focus on customer service, resolution strategies, complex claims, coaching and performance management, Aon says.
Aon says CMX’s approach builds on Aon Inpoint ClaimsMonitor software solution for claims auditing by extracting unstructured data using NLP and artificial intelligence. Historically insurers only had the internal resources required to review a sample of claims cases; the new CMX platform enables them to review claims across all lines of business and take a holistic view of their performance, the vendor says. Aon says this identifies areas for cost management, while meeting insurers’ obligations to policyholders.
West Bend Mutual Insurance (West Bend, Wisc.) has implemented CMX for its auto line of business and has already seen results, according to Aon.
“CMX allows our supervisors to be alerted when critical claims actions are not being followed allowing for supervisors to take corrective action to avoid leakage and improve customer service of claims handling on open claims,” comments Dave Ertmer, SVP, Claims, West Bend Mutual. “We have already seen close to a 20 percent improvement in the contact and investigation of claims which will directly impact claims outcomes. Additionally, the reporting on unstructured notes data is something that allows our managers to get insights into adjuster performance that was never easily accessible unless you could read every claim.”
CMX brings insurers the opportunity to benefit from the power of AI and NLP, according to John Wang, head of claims for Aon Inpoint. “By leveraging our experience with over 100 P&C carriers in consulting and software engagements, we have contributed to the delivery of 2 percent to 4 percent in loss ratio improvement,” he comments. “We continue to add new solutions to improve adjuster performance and claim outcomes. Artificial Intelligence coupled with CMX will revolutionize the next generation of claims leaders and organizations. Our growing collaboration with CLARA reflects Aon’s technological evolution to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way.”
Meeting Customers’ Expectations for Claims Process and Outcome
“Our clients expect and deserve best in class claims services from insurers for both claim process and outcomes,” comments Neil Harrison, Global Chief Claims Officer for Aon’s Commercial Risk Solutions business. “This solution has an important role to play in ensuring these expectations are met. Speed and accuracy at all phases of the claim journey are key for insurers and customers alike.”