BLM, a UK-based insurance risk and commercial law firm, has launched an AI-based tool set, known as BLM Innovations, for the insurance sector.
BLM Innovations includes an assortment of seven online analytics, case management and communications tools.
The flagship tool, Foresight, based on AI system, has been created in collaboration with the London School of Economics (LSE).
The tool takes into account the strength of evidence on either side of a case to predict the fault in a claim.
Also, the tool uses explainable AI to simulate human decision making and support claims handlers in earlier settlements.
Foresight, which uses a mixture of facts and evidence to stimulate a claim, has originally been developed to assess liability of certain scenarios in motor claims.
However, the tool was found scalable and adaptable for other types of claims as well. Now, the firm is developing a property recoveries Foresight tool.
Other tools include Pathfinder, to predict possible outcomes at trial; and Searchlight, a business intelligence tool that gives both insurers and corporate clients access to live data relating to claims spend, reserves, accident cause, location and injury analyses.
Additionally, BLM Innovations features Realtime, an online portal that provides live access to case data, financial information and legal documents; Forum, a digital conferencing tool that joins everyone involved in a case; and Collaborate, a virtual legal environment bespoke for each client.
Remaining two tools are Smartcase that brings together collaboration tools, quantum management software, document management and risk analysis to deliver better and faster outcomes in large personal injury cases.
BLM director of business services and improvement Adrian Spencer 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.
“Our clients always want to know how we can improve their outcomes and help with their business challenges. The expertise and experience of our in-house analytics team and the partnership with LSE mean we’ve been able to create truly cutting edge technology that will help our clients and our own lawyers to work in a smarter way.”