What are Legal Predictive Analytics? Adding Data Science to the Art of Claims Adjusting (w/Frank Giaoui, Optimalex)

Frank Giaoui is President of Optimalex, a legal predictive analytics insurtech. Wait...What are legal predictive analytics, exactly? Insurance companies today apply their own benchmarks to settling legal cases, and may share medical claims but typically do not have access to external benchmarks.  Optimalex adds science to the historical art of claims adjustment. The head of legal claims analysis and/or chief risk officer typically engage with Optimalex, defining key success metrics, ie. reducing the loss ratio by an accretive amount. Optimalex starts by extracting unstructured public data on litigated cases, whether motor vehicle accident, personal bodily injury, workers compensation or medical malpractice. Through applying data analytics the company can predict the outcome with a higher confidence level, reducing uncertainty, cost and creating a fairer compensation amount. Data extraction, rating and curation forms the basis of its better prediction. The company supplements each client's data set to improve prediction and make it more relevant to their own track record. Frank has owned a boutique investment bank Hera Finance, holds a PhD from La Sorbonne Law School, and is a Post Doc JSD at Columbia Law School. Follow the Insurtech Leadership Podcast airing weekly hosted by Joshua R. Hollander. We give you up-close access and personal insights from the leaders of the fastest-growing #insurtechs and most innovative #insurance carriers and brokers.