Karim Derrick, chief products officer at Kennedys IQ, shares how the company is using artificial intelligence for complex claims documents.
Kennedys IQ on using AI for ‘highly complex’ claims
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Kennedys becomes first law firm to join prestigious US fintech research group
Kennedys IQ, through our global law firm Kennedys, has joined the prestigious US-based Center for Research toward Advancing Financial Technologies (CRAFT) as it cements its position as one of the world’s most innovative law firms.
Bright minds, brighter horizons: Kerala’s young innovators
Kennedys IQ’s Future Innovators programme saw students from a tribal school in Kerala develop innovative ideas for solving both local and global problems. In March, Kennedys concluded Innovation Month by inviting young students to share their ideas.
Large language models: maximalism & lawtech
The legal industry is experiencing rapid technological advancements that have potentially far-reaching implications for the sector. These legal-technical advances (LawTech) promise to revolutionise legal practice, offering increased efficiency, cost-effectiveness, and improved legal services for the end consumer by leveraging Artificial Intelligence (AI), automation, and data analytics, to streamline processes, reduce manual workloads, and deliver more accurate and timely results.
Kennedys IQ scoops award win
Kennedys IQ and the AA’s impactful industry collaboration was recently acknowledged at the Insurance Times Tech and Innovation Awards 2023.
Could large language models make coverage disputes a thing of the past?
This article takes a look at the use case of policy review, data collection and identifying risk to mitigate coverage disputes and the work Kennedys IQ have undertaken to address it.
Is ChatGPT reaching its pinnacle? What is the likely impact for lawtech and insurtech?
Recent observations indicate a potential inflection point in the use of ChatGPT, the renowned generative AI technology. Despite its integration to empower Microsoft’s Bing search engine and the relentless buzz surrounding its prowess on social media, ChatGPT has experienced a decline of up to 10% in user engagement compared to last month’s usage.
Double hire and new commercial head for Kennedys IQ
Kennedys IQ, the technology and innovation arm of global law firm Kennedys, is bolstering its team with two new hires as it ramps up for growth. Rhian Gait-Parker has joined Kennedys IQ as director of operations from Assura Protect where she was chief operating officer.
Breaking through the resistance: driving innovation across organisations
We had the privilege of welcoming professor Richard Susskind, author of the acclaimed book The Future of the Professions, to speak at the Kennedys’ Fostering Innovation in Insurance panel. Professor Susskind is an eloquent and renowned speaker on the topic of professional services disruption – a discussion that Kennedys follows closely.
Change Is Coming for the Professions – It’s Time to Embrace It
We had the privilege of welcoming professor Richard Susskind, author of the acclaimed book The Future of the Professions, to speak at the Kennedys’ Fostering Innovation in Insurance panel. Professor Susskind is an eloquent and renowned speaker on the topic of professional services disruption – a discussion that Kennedys follows closely.
Mitigating future risk: anticipating reputational exposures in an ESG-conscious world
This article contains statements, paraphrases and conclusions from Kennedys Fostering Innovation Panel, The rise and rise of intangible risk: ESG and reputation. The panel considered how the integration of ESG within the business environment will continue to impact the exposure of insurers and insureds to reputational risk.
Cutting Through the Noise: Eliminating Inconsistency in Claims Handling
This article contains statements, paraphrases and conclusions from Kennedys Fostering Innovation panel, ‘Cutting through the noise: improving decision making in claims’. The panel considered how ‘noise’ within the insurance and legal sector impacts the consistency and accuracy of the claims process, and the solutions available.
The role of noise in decision-making for insurance claims professionals
In the insurance industry, claims professionals are responsible for assessing and settling policyholders’ claims. An essential aspect of this process is decision-making, which can be affected by a variety of factors.
Kennedys launches competition with Kerala school to inspire next generation of ‘Future Innovators’
Kennedys ended its ‘Fostering Innovation’ campaign on a high by inviting the next generation of trailblazers to share their ideas.
Open insurance: A reality or a pipe dream?
Karim Derrick, product and innovation director at Kennedys IQ considers how prepared the insurance industry is for introducing the concept of open insurance.
Megabytes and algorithms in the insurance industry
As society transitions from the oil-driven era to the data-driven age (also known as the ‘Fourth Industrial Revolution’) global industries are being shaped by rapid digital transformation. It was estimated that by the end of 2022, 60% of global GDP will depend on digital technologies.
Kennedys Launches Focus on Fostering Innovation
Today, we launch our focus on innovation, a thought leadership series with seminars, research articles, and reports which will run throughout March, to highlight innovation at Kennedys, and across the wider insurance and legal industries.
Legal tech alone is not enough
Legal tech is big business, and getting bigger. LawtechUK reported in 2021 that the market opportunity for legal technologies was £22bn, and UK lawtech startups and scale-ups grew 101%.
Maturity framework needed to guide safe and responsible use of AI by financial services industry, says Kennedys
Artificial intelligence (AI) could bring “enormous potential benefits” to the insurance industry but regulators should put in place a bespoke AI Maturity Framework to assist its safe and responsible adoption, Kennedys has proposed.
Kennedys 2022 insurtech highlights, and the optimistic 2023 vision
In an article originally published by The Post Online, Kennedys shared its views on insurtech highlights from 2022, while looking ahead to what 2023 holds for the industry.
Rising Edge joins Kennedys’ consortium to develop Reputation Advisor
We are pleased to have added Rising Edge, the London-based Managing General Agent (MGA) to our Reputation Advisor consortium.
Trio of industry hires as Kennedys grows team behind groundbreaking technology products
We, the sister company of global law firm Kennedys, are continuing to power growth with a trio of new hires. Melanie Milliner joins from AXA UK, Joe Cunningham joins from DARAG Group, and Alissa Harger joins from Linklaters.
Risk and reward: technology and firms’ reputation management
We are pleased to have added Rising Edge, the London-based Managing General Agent (MGA) to our Reputation Advisor consortium.
Kennedys doubles office space in India as development team continues to grow
We are pleased to announce our technology operation Kennedys Kognitive Computing, in India, has more than doubled its office space as it continues to grow its development team.
Using sentiment analytics to measure reputational risk
While sentiment analytics is not a new concept, its adoption by insurers has not yet been fully realised. Arguably, its biggest potential is in the area of reputational risk.
Kennedys adds new data scientists to drive innovation growth from India
We are delighted to announce we have appointed two new data scientists as part of our growing development team in India.
Rising stars Akhil Sivanand and Renimol Siby have joined Kennedys Kognitive Computing, an exclusive partnership formed by Kennedys in 2017 to help drive innovation in lawtech and insurtech.
Automation in action – solving the £23bn late payment crisis
Kennedys IQ has long recognised the value self-service fixed fee claims platforms can provide. For the past 10 years we’ve been helping businesses and insurers to use lawyers only when they really need to, via technology. In the process we’ve allowed access to legal expertise and the settlement of disputes at greater efficiency and lower cost.
IQ Insight: Using data science to measure public opinion
In this blog we explore sentiment analysis and the different approaches of two off-the-shelf sentiment analysers, Vader and TextBlob. While these analysers can be good for a quick solution for a sentiment analysis use case, they sometimes fail to produce reliable results for certain use cases and scenarios.
More than the sum of its parts
This blog explores the importance of completeness of execution in systems, and how Kennedys IQ are applying that to solutions such as Portal Manager to improve efficiency and overcome the limitations of other systems.
Automated quantum assessment
When Kennedys IQ originally set off on the Portal Manager journey, we recognised that for most insurers, managing personal injury claims was onerous and that claim managers were struggling to get a handle on the bigger personal injury picture.
‘Noise’ book review
Very rarely does a book come along with the potential for genuine disruption. Even more rarely does one come along with implications for the professional services, and in particular insurance legal services. Noise is one of those books.
The proposed regulation of AI systems: what you need to know
The European Commission has recently published a landmark proposal for a legal framework that will regulate, and even ban, certain AI systems.
Official Injury Claim portal – will you be data driven from the start?
In this blog we explore what the new Official Injury Claim whiplash reform landscape might look like post 31st May 2021 and ask: will you be data driven from the start?
Whipping up a storm of activity
The ‘Whiplash Reforms’ as they became known are about to become a reality, with a launch date of 31st May 2021. With the start clock ticking down, we take a look at the technical and process pinch points that compensators are facing.
Kennedys IQ introduces AI technology to end-to-end portal claim management solution
Kennedys IQ has taken Portal Manager, its unique, end-to-end solution for compensators, to the next level by using artificial intelligence to assess medical evidence and recommend a damages figure for insurance claims in the MoJ Portal.
DataIQ 100 – The most influential people in data: Martin Stockdale
The DataIQ 100 profiles the most important and influential people in data-driven businesses and the innovators who support them.
Ethics and AI
There can be no denying that Artificial Intelligence (AI) has already changed the way we live today. Whether it’s predicting what we might like to buy on Amazon or creating tailored fitness programmes to put us through our paces, an AI enabled future is already here.
The future of legal services
Kennedys IQ is a separate company built to ride the waves of a fast-moving world and that opens up the exciting possibility of forming joint ventures with our clients to develop tools together.
