Attendees to Vincent Venturella’s introductory session on Predictive Insights learned a lot about this exciting new technology, which was launched at the conference. Vince began by citing the example of a person needing to find a cardiologist in Manhattan. A search turns up results in every neighborhood, but if the information about each doctor isn’t presented in a way that is relevant and easy to understand, how much confidence can you have in choosing the person who is going to operate on you? Not much. That’s why there are tools that help you choose by comparing pertinent information about doctors, such as their years of experience, patient ratings, and cost of services.
When legal or claims professionals need to assign a matter to an outside counsel firm, they are in a similar situation. They have access to a list of available firms, but often they don’t have much more to base a decision on. While they may have some personal experience or knowledge of certain firms, what they really need is to access a truly predictive analysis of which law firms can perform at what estimated budget and cycle time on a specific matter.
Better information for legal and claims teams
That’s where Wolters Kluwer’s ELM Solutions’ Predictive Insights can help. This solution is the first of its kind for legal and claims organizations, representing a new generation of legal operations tools that use artificial intelligence (AI) to advise users and help them get the best possible results. Because they are armed with predictive, AI-improved data analysis, legal and claims departments can make better decisions with Predictive Insights.
In addition, the solution presents information right in the screens where users make their selections, increasing efficiency along with confidence in important decisions. This data is integrated into the user’s workflow so there is no need for them to interrupt their process to refer to external dashboards or reports. The predictive data is focused on three areas:
- Budget: How much a case will cost, the minimum, maximum, and median budget, and breakouts by matter phase
- Cycle Time: How long a case will take, with minimum and maximum case life included
- Firm Rank: How firms rank in comparison to each other, based on predictive and client-weighted data
Vince suggests beginning with some mid-sized matters to build user confidence in the solution before asking staff members to trust the predictive AI to inform their decisions on higher-stakes matters.
A solution co-created with real users
Vince and his colleagues worked with clients to ensure this solution would deliver the actionable information they need during the firm selection process. Working with user groups and individual customers who wanted to help make the module a reality, the team identified the most valuable information to present and how best to ensure that data would fit into client workflows.
In addition, Vince discussed several other areas where clients can benefit from this technology. ELM Solutions has plans to introduce predictive data that will help clients approve litigation budgets, approve outside counsel activities and invoices, and make informed decisions about case disposition and settlement.
The Predictive Insights module provides the intelligence users need precisely when they need it. Reliable law firm rankings, tailored to the individual organization, make case assignment faster and simpler and give legal operations professionals more confidence in their decisions. It’s a breakthrough development for legal and claims departments, which is generating excitement among the clients who have been involved in developing it, as well as those that now have the chance to try it out. Learn more about Predictive Insights here.