An insurance and risk specialist law firm in the UK has launched a new team to forecast and manage future insurance claims and court outcomes.
BLM, which bills itself as the leading law firm for insurance and risk law in the UK and Ireland, has created and launched a data analytics team, which will utilise artificial intelligence, particularly machine learning, to comb through data to identify market trends and forecast likely case outcomes.
The team will work closely with the firm’s existing management information offering and hopes to go beyond merely providing data about claims. The launch of the team is timely especially because AI and machine learning is expected to significantly change and automate the claims process.
Using AI to mine large amounts of existing case data, the firm hopes to more reliably predict the likely length, cost, and result of litigation. The firm said that AI and human analysis working hand in hand will bolster the firm’s capabilities.
“The huge amount of case data generated by the insurance industry comes hand in hand with the need to make decisions easier, quicker and with greater certainty,” said Mike Brown, BLM senior partner. “The growing demand for price and resourcing efficiency has highlighted a key gap that will only be bridged by those with a sharp understanding of legal processes, supported by the added speed and accuracy of data analytics and AI. Not only will we be able to improve results for customers, but we’ll also be better placed to add value in litigation.”
The firm has tapped Oxford-educated solicitor Andrew Dunkley and data scientist David Elliott to lead the team.
“Analytics is fast becoming essential for anyone who takes decisions in relation to litigation, whether it’s how to run a case or what level of reserves to assign. By combining real legal insight with the power of machine learning, we intend to better equip our teams, and our customers, with the knowledge to make the right decisions, earlier in the process,” said Dunkley.
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