Verisk, a data analytics platform, has parented with the legal analytics solution CourtSideTM to help insurers get access to court decisions.
The CourtSideTM service aggregates and scores thousands of insurance-related court decisions by topic which insurers can use to respond to case law trends.
Case law changes can have a major impact on the insurance value chain. They can affect types of exposures carriers are willing to insure to their reserve allocation strategies, for example. The court decisions can even dictate whether an insurer writes a particular class of business in a specific jurisdiction.
The CourtSideTM solution can streamline processes involved in monitoring, analysing, and incorporating case law trends into their strategic decision making. CourtSide categorizes legal decisions by topic, business classification, and correlation between terms appearing in select case law and policy language,
Verisk vice president Ron Beiderman said, “Tracking and analysing the constant flow of court decisions across the country is a critical and challenging task for many insurers.
“By combining advanced automation and deep domain expertise, CourtSide delivers cutting-edge case law analytics that insurers can use to help improve underwriting, enhance market strategy, and reduce expenses.”
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