Aon Benfield, the global reinsurance intermediary and capital advisor of Aon, has established a partnership with CLARA analytics to deliver cutting-edge artificial intelligence (AI) tools to workers’ compensation insurers in the US to help employees return to work as quickly as possible, while decreasing loss ratios and improving operational efficiency.
Research from CLARA has found that just 5 to 10 percent of claims drive 90 percent of the costs. Delayed identification of these priority cases can lead to unnecessary litigation and prolonged medical treatment: for example, attorney involvement can increase the cost per claim by more than $25,000.
To address this challenge, CLARA and Aon Benfield have partnered to help claims operations rapidly make the right decisions for injured workers through predictive analytics and AI. The tools include PUMA, which rapidly connects injured workers to the right medical providers; and CATT, to help claims managers focus their team’s effort in just a few minutes on priority cases that have the highest potential to have variability in customer experience and economic outcomes to the carrier. This is based on machine learning algorithms that provide insights through ‘pattern recognition’ based on the dataset.
George deMenocal, president and CEO of Aon Benfield US, said: “For carriers balancing C-suite and board level interest in innovation and cost management, CLARA can be a quick and easy win with minimal impact to expenses. CLARA’s analytics will be complemented by Aon InPoint to improve claims outcomes and develop AI platforms to gain operational efficiencies…