The platform will initially consist of six distinct products. An AI costs assessor, a loss of earnings and pensions calculator, a recoveries assistant, and an accommodation claim calculator are among them.
The products combine the firm's casualty insurance legal expertise with automated intelligence in order to deliver the lowest overall indemnity spend for clients – in effect, a lower total cost and time outlay on a claim for clients.
Ben Parsons, Clyde & Co's new Head of Digital for Casualty, who joined from Freshfields law firm where he was the Global Delivery Manager for their Enterprise Systems, is leading the firm's strategy for digital innovation in casualty.
According to Natalie Griffin, Chief Operating Officer of Clyde & Co Global Insurance, "our casualty insurance operation has set itself the goal of becoming the lowest overall indemnity spend provider to its clients." To accomplish this, we are heavily investing in digital innovation and transformation. Our new platform is a critical component of that investment, and it will benefit our insurer clients by providing cutting-edge technology and artificial intelligence for claims automation, backed up by our market-leading lawyers and best-in-class advice."
"Our new products draw on the deep experience of our legal, forensic, and fraud teams to provide automated solutions spanning the claims lifecycle," says partner Damian Rourke. It can help insurers with a wide range of tasks, including new instruction processing, fraud screening, reserve and offer calculations, and settlement and recovery. It provides guidance to claims handlers, improves their capability, and reduces insurers' reliance on legal panels."
The firm's strategy in this space includes a significant increase in the use of claims automation and artificial intelligence of this type. Continued investment and development of new products to be launched on the platform in the future will be made.
Ben Parsons adds: “Clyde & Co is embarking on an ambitious digital programme in casualty that will see insurers offered some truly game-changing technology. I’m thrilled to be leading this drive and working closely with so many major insurers, the partners in our casualty practice and others across the firm.”
The following are the first six online products to be released:
- Costs Assessor is an automated AI tool that can review and calculate the costs of claimant solicitors.
- Recoveries Assistant – provides an automated method of carrying out recoveries work.
- Loss of Earnings and Pensions Calculator – an online loss calculator that performs tax and Ogden calculations. Calculating rates for catastrophic injuries
- Accommodation Claims Calculator – a calculator based on the Court of Appeal's decision in Swift v Carpenter (which held that a reversionary interest model was the most appropriate for the valuation of future accommodation claims in most instances)
- Ministry of Justice (MoJ) Claims Manager – an end-to-end automation manager which reads, values and progresses MoJ portal claims
- Fraud Screen – scans claims for potential fraud and generates a report for handlers.
Please contact casualtyinnovation@clydeco.com for more information.