LegalVIEW® BillAnalyzer’s unique AI scoring algorithms help corporate legal and claims department teams improve efficiency and manage costs.
Wolters Kluwer ELM Solutions, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions, announced today that the U.S. Patent and Trademark Office (USPTO) has granted the company patent #: 10,733,675 for the groundbreaking artificial intelligence (AI) technology behind LegalVIEW® BillAnalyzer.
Wolters Kluwer introduced LegalVIEW BillAnalyzer in 2017 to help corporate legal departments and insurance claims organizations more efficiently manage their incoming legal invoices and improve cost management. The proprietary AI-powered bill review automated scoring system is able to provide a high degree of accuracy and efficiency in the overall bill review process compared to non-AI-powered bill review processes. This unique design leads to high quality, accurate billing adjustments and cleaner billing over time. The patented AI technology leverages natural language processing and several model-based predictors to power a bill review system that delivers customers best-in-class results.
“At Gallagher Bassett, we face the challenge of managing the litigation needs of hundreds of clients with a multitude of different billing guidelines, so we absolutely see great benefit in a data-driven AI-enabled solution," said Scott Schafer, Vice President, Strategic Partner Management and Litigation Management Operations for Gallagher Bassett. “Launching LegalVIEW BillAnalyzer has allowed us to leverage insights from vast amounts of legal spend and adjustment data to improve bill review consistency and speed the bill review process while improving billing guideline compliance and reducing legal spend.”
"With increasingly tight budgets, customers look to Wolters Kluwer to help their legal department operate efficiently,” said Alyza Tarmohamed, Senior Director of LegalVIEW BillAnalyzer for Wolters Kluwer’s ELM Solutions. “LegalVIEW BillAnalyzer, our now patented AI technology, harnesses the world’s largest repository of legal spend data to help our customers improve legal operations and save money. Since 2017, the amount of legal spend going through the LegalVIEW BillAnalyzer service has increased by 25 times, which improves the solution’s accuracy for our customers while providing them with legal cost savings up to 10% and up to 20% improvement in billing guideline compliance. We are delighted that the USPTO recognized how our unique process and unprecedented technology helps customers solve real-world problems.”
LegalVIEW BillAnalyzer is offered in two service models leveraging the patented AI technology. The LegalVIEW BillAnalyzer Expert Service manages the entire invoice review process through a combination of advanced technology, machine learning, and legal bill review expertise to improve outside firm compliance with billing guidelines while offering clients significant cost savings. The LegalVIEW BillAnalyzer Data Service provides companies that have their own legal bill review teams with the same world-class technology and data science expertise that the expert bill review team has used to drive positive outcomes for clients.