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.
Wolters Kluwer's ELM Solutions is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. We provide a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust our innovative technology and end-to-end customer experience to drive world-class business outcomes. Wolters Kluwer's ELM Solutions was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The award-winning products include Passport, the highest rated ELM solution in the latest Hyperion MarketViewLegal Market Intelligence Report; TyMetrix 360°, the industry's leading SaaS-based e-billing and matter management solution; CLM Matrix, named a "strong performer" in the 2019 Q1 CLM Forrester Wave report; and the LegalVIEW portfolio of legal analytics solutions based upon the industry's largest and most comprehensive legal spend database, with more than $140 billion in invoices.
About Wolters Kluwer Governance, Risk Compliance
Governance, Risk Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
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Governance, Risk Compliance