It all started in November 2019, during the 3rd internal Hackathon of Foyer Group, the annual innovation challenge of the Luxembourg’s leading insurance company. On this occasion, the head of the “Legal Insurance” team defended the idea of being able to rely on a compilation of Luxembourg’s legal information to facilitate and accelerate claims management.
Photo: Réjane Pepek, Indemnity and Customer Service Manager at Foyer / Credits © Foyer Group
At the same time, a young French legaltech specialising in the analysis of legal information, Predictice, took its first steps in the Grand Duchy, joining forces with two major Luxembourgish law firms to build the Luxembourgish version of its tool.
Contacts were quickly made between the insurer and the startup, whose interests clearly converged. In February 2020, the managers of the Claims teams of Foyer discovered the French version of the highly intuitive Predictice tool. It was love at first sight: the simplicity and speed of the search seduced the staff, while the Legal department of Foyer Group was also convinced (see our article “Foyer fosters innovation with the Legal business intelligence solution Predictice“). Predictive justice, or AI at the service of insurers, makes it possible to evaluate the probabilities of outcome of a legal problem, by cross- referencing case law data to specific use cases. This is how Predictice is able to analyse two million court decisions per second.
In concrete terms, for an insurer specialising in Legal Protection, this technology offers an undeniable advantage. On the one hand, it helps the lawyer in charge of a case to anticipate the probable success rate of a legal action and, on the other hand, to quantify the indemnities associated with that case. Thus, used in addition to in-house legal expertise, predictive justice enables an insurer to maximise the chances of the success of cases brought by its clients.
“Customer satisfaction is at the heart of our preoccupations: in the event of a dispute, we try our utmost to favour an amicable settlement before going to court,” says Réjane Pepek, Indemnity and Customer Service Manager at Foyer. “Today, with Predictice, we already have additional arguments to convince clients of the merits of a fair and rapid amicable solution. Tomorrow, with the Luxembourgish version of the tool, this advice will be even more precise. This new technological partnership using artificial intelligence will speed up our case law research process while making it more complete and reliable, to the benefit of our clients.”
Integration of Luxembourg legal information
Predictice did not wait for the sanitary crisis linked to Covid-19 to grasp the challenges of the digitalisation of company processes. The startup thus gathered numerous jurisprudential databases, compiling millions of court decisions handed down in France in a digital legal encyclopaedia, directly accessible to its clients.
In 2019, on the strength of its success in France and its desire to expand into other markets, Predictice joined forces with several Luxembourg law firms to establish an equivalent legal encyclopaedia in Luxembourg.
By entering into this partnership with legaltech Predictice, Foyer intends to participate in the creation of this first search engine specific to the Luxembourg legal field, while enriching it with the insurance data at its disposal.
“The entire Predictice team is delighted to make its platform available to Foyer. Predictice will enable the group’s legal experts to optimise their legal research by obtaining highly relevant results at the click of a button, to base their analysis on statistical data (rate of acceptance of a claim and amount of compensation likely to be obtained) and to access the legal sources cited in their documents,” says Louis Larret-Chahine, CEO of Predictice. “We are very pleased to be able to contribute in this way to maximising the chances of success of the proceedings.”
A mutually beneficial partnership
Based on a “win-win” relationship, the collaboration between Foyer and Predictice promises to bring many benefits to both partners.
On the one hand, the objectives of legaltech are clear: to enrich its database with Luxembourg’s legal information and to strengthen its presence in the Grand Duchy of Luxembourg.
On the other hand, for the Luxembourg-based insurer, it is a question of improving its processes, while continuing the deployment of its innovation strategy. There is no doubt that the Predictice tool will be a valuable ally for Foyer’s legal experts, enabling them to simplify document searches, facilitate arguments by supporting them with similar cases and thus shortening claims processing times, to the benefit of both the company and its clients.
While Foyer Group has entered into several collaborations with technology startups in recent years, including Finologee, Chatlayer, Lingua Custodia and Data Robot, this partnership with Predictice once again illustrates the desire to create a stable and lasting relationship between the leading insurance company in Luxembourg and the ecosystem of innovative startups.