Law firm Kennedys is partnering with University College London (UCL) to develop an emerging risk analytical tool for insurers, after securing funding from the Innovate UK Knowledge Transfer Partnership.
The two-year project will use data science to identify and track risks from external data sources. It will assist the law firm’s global insurer clients to better adapt policies and risk management strategies for emerging risks.
Karim Derrick, head of research and development at Kennedys, and head of corporate and public affairs Deborah Newberry (pictured) set up the project, in response to growing client demand for evidence-based insights to better manage and plan for risks.
The academic team supporting the project at UCL is led by Professor Tomaso Aste, head of the University’s financial computing and analytics group, working alongside Dr Fabio Caccioli. Dr Damla Arifoglu, a newly appointed data scientist at Kennedys, will lead the work for the firm.
Newberry said: “We’ve long been aware that there is a gap in the market for better insights to aid insurers when planning for global emerging risks. This collaboration between business and academia will bring a new take on what is a continuous challenge for insurers.”
“It also reinforces our commitment to doing things differently by helping our insurer clients to mitigate risks and where possible, to use lawyers less.”
Aste added: “This is a very exciting collaboration for UCL with one of the world’s most innovative law firms. I am confident that by combining the commercial insights of Kennedys and its clients with our expertise, we will significantly advance how insurers plan for emerging risks.”
This is the second Innovate UK Knowledge Transfer Partnership that Kennedys has undertaken. The firm is also working with the University of Manchester to develop next-generation fraud prevention software.