AI app evaluates compensation recovery potential
A new app created by Hall & Wilcox uses artificial intelligence software to assess the likelihood of a claim being recovered.
The firm has teamed up with technology group Neota Logic to establish the new app in order to respond to the demanding task of identifying indemnity claims against third parties.
Vanessa Porter, a senior associate at the Hall & Wilcox insurance team, said the platform can tap into an insurer's entire portfolio.
"Use of the application serves to increase the identification of claims with recovery potential across an insurer's entire portfolio and also assists insurance providers to meet strict KPIs imposed by the regulator," Ms Porter said.
A user can generate an electronic report from the app's secure website, which identifies the recovery potential of a claim after responses to a set of standard questions have been entered into the system.
Ms Porter said the app was created with accessibility in mind.
"We were conscious to ensure that our technology could provide a solution that was not only commercially viable but also user friendly. In other words, we knew our solution had to be easy to operate, quick and cost effective."
The application is available for claims in Victoria and NSW and can be used by insurance companies, specialised insurers, self-insurers, brokers and intermediaries.
The firm hopes also it will be embraced by others who are exposed to a workers compensation policy such as employers.
Hall & Wilcox chief operating officer Sumith Perera said that the new app was an example of the firm's focus on "activating smarter law".
"We embrace technology, new ways of approaching legal issues and process improvements that deliver real value for our clients," Mr Perera said.
"The great thing about the recovery application is that it is capable of being adapted for a number of different insurance lines such as property and motor, and for any jurisdiction – essentially anywhere where the fault of another party may have been identified," he added.
"We are developing a number of innovative solutions in response to business issues we have identified working with our clients and we also see the application being able to be utilised by our commercial, banking and financial services clients."