BLM, an insurance risk and commercial law firm, has launched BLM Innovations, a suite of seven online analytics, case management and communications tools.
Foresight is a pioneering new AI system developed in conjunction with the London School of Economics (LSE), and considers the strength of evidence on either side of a case to predict the fault in a claim.
It supports claims handlers in reaching earlier settlements, using explainable AI to simulate human decision making.
Unlike some types of AI, Foresight does not require a large amount of historical data to provide outputs. Instead, it simulates a claims handler weighing up different combinations of facts and evidence, such as the reliability of a witness, and delivers high-quality decisions regardless of the experience of the user.
It has initially been developed to assess liability of certain scenarios in motor claims but it is scalable and adaptable for other types of claims with the firm now developing a property recoveries Foresight tool.
Foresight is one of seven tools that the firm has created as part of its commitment to use technology that provides clients with creative solutions alongside legal advice.
Other tools include Pathfinder, which helps to forecast possible outcomes at trial, and Searchlight, a business intelligence tool which gives both insurers and corporate clients access to live data relating to claims spend, reserves, accident cause, location and injury analyses.
“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,” 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.”
BLM Senior Partner, Matthew Harrington, added, “We are really proud of BLM Innovations. Our tools have been a long time in the making.
“We wanted to be confident about the potentially transformative impact they could have for our clients, and the claims they handle, before we took them to market. We’ve brought together analytics, IT and business improvement experts, along with partners throughout the firm to help
