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Foresight, a “pioneering” artificial intelligence insurance system jointly created by BLM and the London School of Economics (LSE), has been born.
The flagship solution is part of BLM Innovations – a suite of seven online analytics, case management, and communications tools launched by the insurance risk and commercial law firm in line with its digital strategy. Designed to consider the strength of evidence on either side of a case to predict the fault in a claim, Foresight supports claims handlers in reaching earlier settlements.
Without requiring a large amount of historical data to provide high-quality outputs, the tool works by simulating a claims handler weighing up different combinations of facts and evidence. While Foresight was originally developed for motor claims, it is scalable and adaptable for other claim types.
“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,” said Adrian Spencer, director of business services & improvement and leader of the firm’s analytics steering committee.
“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.”
The suite also consists of Pathfinder, Searchlight, Realtime, Forum, Collaborate, and Smartcase.
