Kennedys IQ Introduces SmartRisk: Revolutionizing Insurance Risk Assessment
Kennedys IQ, the customer-centric technology arm of Kennedys Law LLP, has unveiled Kennedys IQ SmartRisk, an avant-garde neuro-symbolic AI solution engineered to revolutionize risk analysis in the insurance sector. This cutting-edge tool, hailed as a pioneering innovation, integrates seamlessly into the data-driven IQ Platform, marking a significant leap in policy review, liability assessment, and coverage analysis.
Kennedys IQ SmartRisk sets itself apart through its unique hybrid methodology, blending the capabilities of Large Language Models (LLMs) with advanced insurance knowledge modeling utilizing Evidential Reasoning (ER) and Belief Rule Base (BRB) techniques. This neuro-symbolic framework offers a structured and auditable decision-making process, contrasting with pure GenAI solutions that depend solely on probabilistic outputs, as elucidated by Kennedys IQ.
Karim Derrick, Chief Product Officer at Kennedys IQ, noted: “There is an increasing demand for AI-driven automation in the insurance realm, especially within specialty and complex risk underwriting. Current policy wording analysis and claims handling are intricate, inconsistent, and susceptible to human error. Meanwhile, existing GenAI chatbots fall short in auditability, rendering them unsuitable for insurance risk assessment.”
He further elaborated: “Our objective is to aid clients in identifying, managing, and mitigating risk through the SmartRisk tool, which bridges this gap to ensure transparency in decision-making and regulatory compliance. In doing so, it dispels the ‘black box’ concerns associated with other AI models, while enhancing efficiency, minimizing human error, and equipping insurers and brokers with deeper data-driven insights.”
Kennedys IQ’s SmartRisk liberates insurance professionals to concentrate on high-value decision-making while retaining complete control over risk analysis.
The solution is crafted for claims professionals, brokers, and underwriters across global markets, including the London Market, specialty and general insurance in the UK, Europe, North America, LATAM, and APAC. It empowers insurers to automate risk assessments and policy analyses, enhance claims governance through structured decision-making, extract crucial data from complex documents – including handwritten notes – and bolster compliance and accuracy, all while diminishing inconsistencies in decision-making.
Neil Mody, US Partner, added: “The SmartRisk U.S. model is designed to assist insurance adjusters in navigating complex regulatory frameworks, notably New York Insurance Law 3420. By emulating the proprietary coverage evaluation process refined by seasoned professionals over decades, SmartRisk enables adjusters to reliably identify critical coverage issues and make well-informed decisions.”
“SmartRisk empowers adjusters by streamlining claim reviews while minimizing high-frequency, high-risk human errors that cost insurance companies millions annually.”
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