UK-based insurance law firm, BLM, has launched a suite of seven online ‘analytics, case management and communications’ tools. The bundle of applications are being marketed as part of its BLM Innovations offering.
The flagship tool, Foresight, is a new AI product, developed in conjunction with the London School of Economics, ‘which considers the strength of evidence on either side of a case to predict the fault in a claim. It supports claims handlers in reaching earlier settlements, using explainable AI to simulate human decision making’.
The firm says that Foresight does not require a large amount of historical data to provide explainable outputs. Instead, it simulates a claims handler weighing up multiple different combinations of facts and evidence, such as the reliability of a witness, and delivers high-quality decisions regardless of the experience of the user. It has initially been developed to assess liability of certain scenarios in motor claims, but ‘it is scalable and adaptable for other types of claims with the firm now developing a property recoveries Foresight tool’ they say.
Other tools in the suite include:
- Pathfinder, which helps to forecast possible outcomes at trial,
- Searchlight, a business intelligence tool which gives both insurers and corporate clients access to live data relating to claims spend, reserves, accident cause, location and injury analyses.
- Realtime, an online portal providing live access to case data, financial information and legal documents;
- Forum, a digital conferencing tool connecting everyone involved in a case.
- Collaborate, a virtual legal environment bespoke for each client;
- Smartcase, which brings together collaboration tools, quantum management software, document management and risk analysis to deliver better and faster outcomes in large personal injury cases.
Adrian Spencer, BLM’s director of business services & improvement and leader of the firm’s analytics steering committee, said: ‘BLM Innovations is about being able to offer our clients the best of both worlds; the experience of an established law firm and smart solutions, which make claims handling more efficient.’
Given the piece from earlier this morning in Artificial Lawyer, this is a timely reminder of how things are changing when it comes to what law firms are offering the market in terms of tech products.