Clyde & Co, the global law firm with a strong focus on insurance, has unveiled an in-house data analytics lab, whose staff will include students from the computer science department of University College London (UCL). Also manning the lab are Clyde & Co legal, data science, and strategy personnel.
An initiative led by partner Mark Wing and the global law firm’s innovation board, the lab will be instrumental in exploring product development for next year by using data analysis along with machine learning tools. Clyde & Co said initial projects include predicting fraudulent activity in relation to claims.
“A large part of the value that law firms provide to their clients is the knowledge and expertise of their lawyers,” explained Wing. “As a global firm we have heaps of knowledge but the question we always challenge ourselves with is how we harness it as quickly and efficiently as we can for our clients.
“Because much of our knowledge is stored as data, having a data analytics lab provides us with another mechanism for unlocking insight, value, and solutions for our clients. We think there is great potential in this project and we are delighted to be able to work with the leaders in their field at UCL.”
Clyde & Co’s core global sectors are insurance, trade & commodities, energy, transport, and infrastructure. In September it launched a consultancy to advise clients on aspects related to smart contracts, blockchain, and distributed ledger technologies.
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