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Using Artificial Intelligence to Make Claim Outcome Predictions
Monday 21 August 2017
The goal of computational jurisprudence is to understand the law using computer science. The democratisation of artificial intelligence has provided a toolbox for computational jurisprudence to develop software that is incrementally transforming the business of law.
Elexirr’s legal predictive analytics serves as a case study for this transformation because it shows how a startup can deploy sophisticated neural networks to predict winning chances with high accuracy. Using artificial intelligence to make claim outcome predictions disrupts the traditional framework where claimants would spend significant amounts of time and money on potentially biased opinions provided by lawyers. Elexirr’s business model also shows that incremental disruption is both feasible and lucrative - although case prediction is only a relatively minor task within the legal profession, its automation is very interesting to a host of parties: from consumers and corporations to consultants and third-party litigation funders.
Ludwig Bull, MD of Elexirr & Rebecca Agliolo, Marketing Director
Elexirr also makes its predictive analytics available in a “light” version for free using a chatbot deployed on Facebook messenger. This feature highlights that expert systems, while expensive to set up, are cheap to maintain and make traditionally expensive services available to a much larger consumer-base and an entirely new demographic. This service can also be monetised through connecting users with useful further services (such as advice from a human lawyer) and collecting referral fees, similarly to Google’s and Facebook’s advertising monetisation.
Elexirr’s work is thus both representative of current trends in the application of artificial intelligence to the legal profession but also of the dynamism and accelerating pace with which innovations will take place in this market in the future. Computational jurisprudence is emerging as a serious field of academic study with wide industrial application both for established players and disruptive startups.
Ludwig Bull and Rebecca Agliolo will both be speaking at IP Expo Europe 2017 where they will be talking about how to speak to robots like people. Come and hear their presentation on Wed 4th October at 13:40pm
IP EXPO takes place on 9-10 October 2019 at ExCeL London. This unmissable event is your one stop shop for digital transformation and covers every vertical you need to consider for successful implementation. Including network and hardware, cybersecurity, developer community, AI and analytics, IoT and Blockchain.