What's Happening?
Alliance Manchester Business School (AMBS) has completed a Knowledge Transfer Partnership (KTP) with global legal business DWF, focusing on transforming insurance claims valuation and settlement. The project involved developing Ivy, an insurance intelligence tool that uses artificial intelligence, data science, and decision theory to recommend optimal settlement strategies. Ivy is designed to enhance human judgment, helping claim handlers make faster and more informed decisions, thereby improving operational performance and client outcomes.
Why It's Important?
The completion of this KTP marks a significant advancement in the integration of AI and data science in legal services. By enhancing decision-making processes, Ivy is expected to deliver long-lasting benefits to DWF, shifting the firm towards a data-empowered culture. This collaboration highlights the importance of combining domain expertise with data science to drive innovation in the legal industry, potentially setting a precedent for other firms to follow.
Beyond the Headlines
The development of Ivy underscores the growing role of human-centered design in legal services, emphasizing the importance of AI explainability and user-centric approaches. This project also aligns with The University of Manchester's Law and Technology Initiative, which aims to foster innovation by bringing together law firms and academics.
