Applying the technology requires thought and dedication, especially with legacy industries like law and insurance, which are being taken on in this way by Luminance and Omnius respectively.
Luminance uses AI and natural language processing to help law firms process documents more quickly, not replacing the lawyer but providing additional intelligence and analysis of what may be hundreds or thousands of pages and saving time and money.
We started with technology that can read a lot of language, and then we looked at what industry would benefit most from that.
I think the timing is 80 percent of the battle; The fact that the legal profession had got to a point of being ready to accept the use of that kind of technology was more luck than anything.
But there’s been such an explosion in enterprise data that lawyers just can’t possibly cope with reading and all of the documentation that they need to — so the market was ready.
The insuretech world is of course making a lot of pressure, all the new insurance companies like Lemonade, WeFox, Coya, because they claim to settle a claim in minutes.
So we thought, the industry is ready, the technology’s ready, I was ready to build a big company.
It’s my fourth company and I was like, this time I’ll build something huge.
The interesting thing was the most ready people were the law firms outside of the UK, outside of the US.