There’s been a lot of talk about artificial intelligence amongst those involved in the insurance technology (insurtech) and legal industries, and for very good reason. AI is a transformative technology that has the power to revolutionize how legal and claims litigation work is performed. Indeed, with AI in their corners, legal and claims professionals can address many of the challenges that they face on a daily basis, including cost control, staffing levels, compliance with billing guidelines, and more.
Perhaps even more importantly, AI can help professionals make better decisions that positively impact litigation. Using AI and, specifically, machine learning, it becomes possible to manage a staggering amount of work, crunch numbers at unprecedented levels, and find previously undetectable patterns in enormously large data sets. Professionals can then use this intelligence to make a host of data-driven decisions and estimations, from selecting the most appropriate law firm partners for a particular matter to more accurately predicting settlement amounts, outcomes, and more.
AI really shines when it’s applied to more mundane, everyday tasks. Its ability to automate tedious and time-consuming processes that would otherwise take humans hours to complete can help expedite these tasks. Organizations can then make better use of the time and talents of their legal and claims professionals.
Bill review and analysis and invoice processing are prime examples of important though onerous processes that AI tackles with aplomb. Claims managers and in-house attorneys are often responsible for line-by-line analysis of every invoice their organizations receive. They’re charged with looking for discrepancies, non-compliance, and other factors. It can take hours to review a single invoice, and for some companies, depending on their billing guidelines, up to 80 percent of adjustment dollars are appealed and reversed by law firms.
With AI, millions of invoices can be automatically analyzed. Discrepancies, inconsistencies, and instances of non-compliance can all be flagged.
The benefits are numerous. Besides being able to detect things that humans may miss, AI alleviates the need to assign staff to invoice analysis. This frees them up to do more valuable tasks that are central to their organizations’ missions.
Furthermore, AI can assist in converting paper or PDF invoices into Legal Electronic Data Exchange Standard (LEDES) compatible formats. Normally, someone on the claims or legal team is responsible for rekeying this information themselves, a process that can take an inordinate amount of time and be subject to human error. AI can automatically capture these documents and convert them into compliant formats, all without the need of a single keystroke.
Does all of this mean that AI is taking humans entirely out of the equation? Not at all! There’s machine intelligence, but there’s also people intelligence. The machine provides the data and can offer recommendations, but it’s still up to people to make sense of that information and take action. After all, only the professional who has built a relationship with their clients and law firm partners will know what’s best for their organization. The AI can help direct them, but people are ultimately responsible for making the final decisions based on the information the system provides.
Human beings are a fundamental element of the AI-driven technologies that Wolters Kluwer’s ELM Solutions provides. For example, every invoice that’s analyzed through our LegalVIEW® BillAnalyzer product is reviewed by our team of legal experts before the invoices are sent back to law firms for adjustment. That team provides input that the solution can then use to make the process more efficient and accurate in the future. They are the people intelligence behind the machine intelligence.
Learn more about how AI can enhance your bill review and analysis processes, download our latest whitepaper for your industry: