Verisk launches CourtSide
Data analytics provider Verisk has launched CourtSide, a legal analytics solution that aggregates and scores thousands of insurance-related court decisions by topic to help insurers respond quickly and cost-effectively to case law trends.
Case law changes can have a profound impact across the insurance value chain. They can affect everything from the types of exposures carriers are willing to insure to their reserve allocation strategies. In some cases, court decisions can influence whether an insurer chooses to write a particular class of business in a specific jurisdiction.
But monitoring, analyzing, and incorporating case law trends into strategic decision making can be costly and time-consuming. CourtSide categorizes legal decisions by several criteria, including topic, business classification, and correlation between terms appearing in select case law and policy language. It then applies a scoring model to help users gauge the potential impact of court decisions on their insureds’ businesses. CourtSide features a user-friendly dashboard, data extraction capabilities that enable insurers to do their own analysis, and a legal library of approximately 10,000 cases.
Operating at the intersection of InsurTech and LegalTech, CourtSide gathers decisions from more than 200 state appellate and supreme courts, as well as federal district and circuit courts to provide ongoing updates and insight for insurers.
“Tracking and analyzing the constant flow of court decisions across the country is a critical and challenging task for many insurers,” said Ron Beiderman, vice president of commercial lines coverage products at ISO, a Verisk business. “By combining advanced automation and deep domain expertise, CourtSide delivers cutting-edge case law analytics that insurers can use to help improve underwriting, enhance market strategy, and reduce expenses.”
CourtSide is currently available for case law involving general liability lines of business. Verisk is planning to add other lines of business, including commercial and personal auto, in later releases of the solution.