Major global professional services and advisory firm Aon has launched Contract AI, a new artificial intelligence (AI) platform designed to enhance contract certainty through rapid analysis of reinsurance coverage.
Contract AI queries Aon’s entire U.S. and Canadian contract database for the past three years in real time to identify global coverage trends, limitations and exclusions. To ensure privacy, all data is analyzed in aggregate.
This technology enables Aon brokers to provide strategic guidance on future underwriting needs and demonstrates the company’s commitment to AI-driven tools to enhance the value delivered to clients.
Aon explains that historically, assessing the market-wide impact of complex events on coverage has required extensive manual review of broker intelligence, endorsements, exclusions, terms and carrier communications — a process that often takes days or even weeks.
Contract AI covers 15 reinsurance business areas, from property and casualty to E&S and life insurance. The tool enables Aon’s reinsurance brokers to evaluate changing terms, exclusions and broader market trends to negotiate and optimize coverage for insurance company clients.
Aon’s new AI platform can be used both passively and preemptively. It provides response analysis after major events such as geopolitical unrest, cyber threats, supply chain issues or natural disasters.
It pre-emptively assists at the renewal stage by identifying coverage changes, assessing reinsurer interests and providing market benchmarks to aid placement strategies and peer reviews.
“We need to ensure our clients have robust coverage, without any gaps or surprises, to meet claims commitments to clients and create sustainable portfolios,” said Randy Stanco, president of business performance for Aon U.S. Re. “Contract AI enables our reinsurance brokers to quickly analyze large-scale market developments, identify emerging insurance considerations and provide clients with timely, relevant advice to achieve strategic goals.”
Developed by the company’s Venture Capital Products team, Contract AI leverages large-scale data aggregation, natural language processing and intelligent search capabilities to provide clients with concise insights across markets.
Marc Boone, global head of product strategy at Aon Re, added: “Contract AI enhances Aon’s position in developing innovative technologies that enhance analysis of critical reinsurance coverage, building trust and resilience across the industry. As the risk landscape becomes increasingly dynamic, Aon’s AI capabilities will play an important role in helping organizations make more informed business decisions.”
