From Law of the Sea to Legal Underwriting: FinLegalTech

From Law of the Sea to Legal Underwriting: FinLegalTech from LexPredict, LLC

 Key Points

  • Law is the the original form of risk management
  • Legal underwriting and legal risk risk transfer can learn from underwriting and risk transfer in finance and insurance.
  • Law is stuck with the “cult of the expert,” the anti-Lloyd’s.
  • Single humans underwriting legal risk leads to inconsistent, inaccurate, and unscalable decisions.
  • Tools like LexSemble, an intelligent legal crowd-sourcing platform, can help make better decisions.
LexPredict is an enterprise legal technology and consulting firm, specializing in the application of best-in-class processes and technologies from the technology, financial services, and logistics industries to the practice of law, compliance, insurance, and risk management. In this deck, we outline our views on how the history of underwriting can be traced back through history of law, finance, and insurance.   This talk was first presented at the FinLegalTech Conference on November 4, 2016 at Illinois Tech – Chicago Kent School of Law.