Management Consulting

Aon faced significant challenges in managing the vast amount of unstructured data generated from insurance documents, which included over a billion pages received annually for underwriting, claims management, and risk mitigation. The traditional manual process of extracting key data resulted in a staggering loss of 95% of valuable information, leading to inaccuracies and bottlenecks in the underwriting process. To address these issues, Aon partnered with Groundspeed Analytics to leverage artificial intelligence technology. This collaboration enabled Aon to identify and structure information from historical insurance documents, resulting in the extraction of 170 million data points, which encompassed critical metrics such as limits, deductibles, and exposures. The data represented a total of USD142 billion in incurred losses and USD1.7 trillion in total insured value. The implementation of Groundspeed’s technology, which utilizes computer vision, machine learning, and natural language processing, allowed Aon to create a central repository for analysis. This not only improved operational efficiency but also provided deeper insights into claims causes, industry benchmarks, and loss trends. Consequently, Aon was able to develop new risk transfer solutions and treaties, ultimately helping clients reduce their total cost of risk and expand coverage options. The initiative marked a significant step in Aon’s technological evolution, enhancing their ability to deliver relevant products tailored to client needs in a transparent and efficient manner.