As insurers seek to improve accuracy and consistency in policy reviews and claims assessments, Kennedys IQ has introduced an artificial intelligence (AI) risk analysis solution designed to support decision-making.
The new tool, Kennedys IQ SmartRisk, integrates into the firm’s technology platform and aims to help insurers navigate complex coverage evaluations and liability determinations.
Unlike AI models that rely solely on probabilistic outputs, SmartRisk combines Large Language Models (LLMs) with Evidential Reasoning (ER) and Belief Rule Base (BRB) methodologies.
This approach is intended to provide a structured and auditable decision-making process, addressing concerns about the transparency of AI-driven assessments.
Kennedys IQ states that the system does not require extensive upfront data and can be configured for different lines of business, integrating into client systems within weeks.
Designed for claims professionals, brokers, and underwriters across global markets, including the London market, general and specialty insurance in the UK, Europe, North America, Latin America, and the Asia-Pacific region, SmartRisk automates risk assessments and policy analysis.
It also supports structured claims governance, extracts key information from complex documents - including handwritten notes - and facilitates compliance by reducing inconsistencies in assessments.
“There is a growing demand for AI-driven automation in insurance, particularly within specialty and complex risk underwriting," said Karim Derrick, Kennedys IQ's chief product officer.
Derrick pointed out that many generative AI chatbots lack transparency, making them unsuitable for insurance risk assessments. SmartRisk, he said, is designed to fill this gap by providing fully auditable insights while ensuring insurers retain control over decision-making.
Kennedys IQ SmartRisk was developed in collaboration with the University of Manchester and legal professionals from multiple jurisdictions. The system integrates generative AI with explainable machine intelligence, using a neuro-symbolic approach to support structured reasoning and rule-based decision-making.
Early pilot programs have shown a reduction in errors, improved consistency in professional judgment, and operational efficiencies in claims and underwriting processes, according to insurers testing the tool.
Richard West, head of client innovation and director at Kennedys IQ, said that SmartRisk integrates legal and insurance expertise with AI technology, providing transparency in risk analysis and decision-making.
How do you see its role evolving in claims handling and risk assessment? Share your thoughts in the comments.
