Wolters Kluwer ELM Solutions, the leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions, announced that the United States Patent and Trademark Office (USPTO) had granted the company patent #: 10,733,675 for the ground-breaking artificial intelligence (AI) technology behind LegalVIEW BillAnalyzer.
Introduced in 2017, LegalVIEW BillAnalyzer helped insurance claims organizations and corporate legal departments more efficiently for managing their incoming legal invoices and improving cost management. Compared to non-AI-powered bill review procedures, the patented AI-powered bill review automated scoring system can provide a high level of efficiency and accuracy in the overall bill review process. Such designs help to achieve high quality, accurate billing adjustments, and cleaner billing over time. The AI technology makes use of natural language processing (NLP) and different model-based predictors that powers a bill review system, delivering consumers best-in-class outcomes.
“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, General Manager of LegalVIEW BillAnalyzer at 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.”
Based on patented AI technology, LegalVIEW BillAnalyzer offers two service models. Through a combination of machine learning, advanced technology, and legal bill review expertise, the LegalVIEW BillAnalyzer Expert Service manages the whole invoice review process to enhance outside firm compliance with billing standards while providing substantial cost savings to customers. The LegalVIEW BillAnalyzer Data Service offers the same world-class technology and data science experience that the expert bill review team has used to deliver meaningful consumer outcomes for businesses with their own legal bill review teams.