Aon launches AI tool for reinsurance contract analysis

Aon has launched Contract AI, an artificial intelligence platform designed to help insurers and brokers quickly analyze reinsurance contract exclusions and negotiate coverage terms.

The tool analyzes Aon’s U.S. and Canada reinsurance contract database from the past three years in real time, identifying market trends, exclusions, limitations, and changes in reinsurer appetite. Data is aggregated to protect client privacy.

Contract AI covers 15 lines of reinsurance business, including property and casualty, E&S, and life reinsurance. The platform can be used after major events such as natural catastrophes, cyber incidents, geopolitical disruptions, and supply chain events, as well as during renewal periods to benchmark coverage and placement strategies.

The platform was developed by Aon’s Risk Capital Product Team and uses data aggregation, natural language processing, and intelligent search capabilities to synthesize market information.

“We need to ensure that our clients have robust coverage with no gaps or surprises to fulfill claims commitments to their customers and create sustainable portfolios. Contract AI enables our reinsurance brokers to quickly analyze market developments at scale, identify emerging coverage considerations and provide clients with timely, relevant advice to meet strategic goals.” – Randy Stanco, President, U.S. Reinsurance Business Performance at Aon.

“Contract AI advances Aon’s position in developing innovative technology that enhances the analysis of critical reinsurance coverage, building trust and resilience across our industry. As the risk landscape becomes ever more dynamic, Aon’s AI-enabled capabilities will play an important role in helping organizations make more informed business decisions.” – Marc Boone, global head of product strategy for Reinsurance at Aon.