Technology is the talk of the insurance industry with insurtech firms and other tech outlets threatening to take business away from the big boys. However, what if those established giants became the disruptors themselves and what would it mean for brokers?
Those questions may be about to be answered thanks to
AXA, which has today announced a partnership with rradar to disrupt the delivery of legal advice.
It will do so thanks to the use of an innovative machine learning app known as ‘Grace’ that can engage with businesses via a virtual assistant to “deliver the knowledge and experience of legal and risk management experts”.
The idea is that the app, which was launched today, will be available to AXA customers registered for online support through the company’s AXA Management Liability product. According to a release, the “first module will cover two of the traditional and significant learning burdens for most UK businesses - HR practice and employment law” and this will “be quickly followed by legal and risk modules such as health & safety law, corporate manslaughter, property law, environmental law, waste management duties and contract law.”
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“I believe that this has the potential to be the first truly disruptive application of technology in legal services,” said Gary Gallen, CEO and founder of rradar. “Almost every other profession or industry has adapted and benefited from the rapid development of technology but to date, the legal profession has remained largely removed.
“The introduction of ‘Grace’ will bring legal expertise direct to those small businesses that need it most and I believe that this is just the start of a broader revolution of how legal advice is accessed and administered.”
While the advice app is focused solely on the legal sector, it may well grab the attention of insurance brokers who have already heard warnings of job-stealing robots from industry leaders.
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