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How to Evaluate AI-Based Solutions for Legal Tech

According to Gartner, legal departments will increase their spend on legal technology threefold by 2025. A large share of these investments goes to contract management solutions that centralize all contracts in one single system, while assisting subject matter experts in managing the lifecycle of contracts, compliance requirements and more.
These systems are more and more leveraging advanced technologies like machine learning and artificial intelligence, which remain obscure to most legal specialists, making it difficult for them to compare the different approaches.
This question and answer session covers the steps required in the process of evaluating AI-based solutions to automate contract review and analysis:
- Search for training material
- Annotation of training material
- Methods to compare results
- Calculation of precision
- Identification of potential AI-based solutions
- Integration with an existing system
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Presented by
Roland Roccaro, IT Project Manager, Symfact
Presentation preview: How to Evaluate AI-Based Solutions for Legal Tech

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  • How to Evaluate AI-Based Solutions for Legal Tech May 27 2021 4:00 pm UTC 30 mins
    Roland Roccaro, IT Project Manager, Symfact
    According to Gartner, legal departments will increase their spend on legal technology threefold by 2025. A large share of these investments goes to contract management solutions that centralize all contracts in one single system, while assisting subject matter experts in managing the lifecycle of contracts, compliance requirements and more.
    These systems are more and more leveraging advanced technologies like machine learning and artificial intelligence, which remain obscure to most legal specialists, making it difficult for them to compare the different approaches.
    This question and answer session covers the steps required in the process of evaluating AI-based solutions to automate contract review and analysis:
    - Search for training material
    - Annotation of training material
    - Methods to compare results
    - Calculation of precision
    - Identification of potential AI-based solutions
    - Integration with an existing system
  • Application of Natural Language Understanding in the Insurance Industry May 18 2021 4:00 pm UTC 21 mins
    Pablo Gonzalvez, Dir. of Engineering; Hans-Peter Riecken, SVP Business Development; Brian Stern, EVP Sales; Steve Levine, CMO
    The goal of this panel discussion is to give some initial information to experts from the insurance industry who want to explore Natural Language Understanding (NLU) solutions as a means to improve the operational efficiency of their organization.

    In this panel discussion, four NLU experts talk about:
    - the motivations for exploring AI & NLU solutions in the insurance sector
    - the typical challenges encountered and examples of use cases
    - how NLU can address these challenges
    - how a solution is implemented in an enterprise environment.
  • 5 Criteria to Evaluate Contract Review & Analysis Solutions Recorded: Apr 8 2021 19 mins
    Steve Levine, CMO, Cortical.io
    More and more companies sitting on large collections of agreements and other documents recognize the importance of embracing automated review and analysis solutions. However, selecting an efficient and reliable tool that adds strategic value to the organization can be a challenge, especially when AI skills are not available.

    This webinar goes through the top 5 criteria one needs to assess to make sure a contract analysis tool will improve efficacy and save time and money:

    1) Can the solution identify terms and clauses with a high level of accuracy?
    2) How easily and quickly can the solution be trained to meet company-specific requirements?
    3) Can the solution correctly interpret and classify clauses based on meaning?
    4) Does the solution allow for semantic search across documents?
    5) Does the solution easily integrate with other systems?
  • How to Reduce the Carbon Footprint of AI? Recorded: Mar 25 2021 29 mins
    Marie-Pierre Garnier, VP Marketing & Communications, Cortical.io
    Training one single AI language model emits more carbon dioxide than 5 cars during their whole lifetime. While the AI community is becoming more and more aware of the sustainability issues of artificial intelligence and of the large training models, there is still no consensus about the best way to solve this problem.

    This webinar explores:
    - The reasons behind AI energy-efficiency issues
    - Three approaches that try to solve this problem
    > Quantum computing
    > Hardware acceleration
    > Reverse engineering the brain
    - Semantic Folding, an approach that leverages reverse engineering the brain, and is already implemented in enterprise environments.
  • How to Transform the Insurance Quoting Process Recorded: Feb 10 2021 19 mins
    Steven Levine, CMO, Cortical.io
    This video explains how an AI approach inspired by neuroscience can automatically handle the complexity of plan review and accurately extract information from a broad range of carrier contracts. The solution has been developed to meet the specific needs of plan review – for example, interpreting provisions, handling multiple products in a single plan, and managing different employee classes.

    Key takeaways:
    - Why Contract Intelligence can significantly improve the efficacy of operational processes
    - How the solution helps reduce quoting efforts and get more timely and accurate quotes
    - Which other processes can be transformed within the insurance industry
  • High Efficiency AI: The Future of Information & Communication Technology Recorded: Jan 27 2021 32 mins
    Francisco Webber, CEO & Co-Founder, Cortical.io
    By 2030, information and communication technologies will represent 21% of global energy needs. The environmental costs of the models being built constitute a major challenge of the application of machine learning to natural language. Mainstream approaches focus on very large models that manipulate language by means of statistics and require huge amounts of training data and computing power to get a superficial understanding of language.

    In his talk at AI Global Forum 2020, Francisco Webber, co-founder and CEO of Cortical.io, argues that the future of natural language understanding is to take an efficient approach towards AI leveraging what biology teaches us. By replicating the actual cognitive processes in the brain, Semantic Folding proposes a highly efficient NLU model that understands semantics at a fine-grained level.

    Key takeaways:
    - Why High Efficiency AI is the path for the future
    - Which AI approach delivers orders-of-magnitude improvements in efficiency
    - Why one should teach semantics rather than training data-intensive statistical models
  • Online Demo: Contract Intelligence for the Insurance Industry Recorded: Jan 26 2021 8 mins
    Cortical.io
    Contract Intelligence reduces the time and costs needed to review insurance documents. It uses AI-based natural language understanding to accurately search, extract and classify key information. It can be quickly trained by subject matter experts.

    In this video, you will see how Contract Intelligence automatically:

    - extracts key terms and clauses based on meaning;
    - classifies clauses and make inferences;
    - deals with complex formatting including tables.

    This demonstration also shows examples of extractions from long-term disability plans, as well as how easy it is to train a model by uploading new documents and creating extraction targets.
  • Save Cost and Time Using AI for Contract Intelligence Recorded: Jan 12 2021 41 mins
    Michael Azoff Distinguished Analyst, Ovum | Steven Levine CMO, Cortical.io | Sasha Demgensky Senior Manager, PwC
    With all the excitement and hype around Artificial Intelligence, are there examples of it adding value in the enterprise? Michael Azoff, distinguished analyst at Ovum, provides an overview of AI technologies today. He examines the opportunities for Natural Language Understanding (NLU) and position the advantages of Cortical.io’s approach in this space. Steve Levine from Cortical.io highlights its Contract Intelligence solution and the innovative technology behind it. Sascha Demgensky, from PwC Germany describes use cases for Contract Intelligence.
  • Semantic Folding: a new Model for Natural Language Understanding Recorded: Jan 12 2021 5 mins
    Cortical.io
    Semantic Folding is a new paradigm for Natural Language Understanding (NLU) that overcomes the limitations of other Artificial Intelligence (AI) approaches. This video explains how Cortical.io mimics the way the brain processes information to convert text in a numerical representation, called a semantic fingerprint, that enables direct and intuitive text comparisons.
  • Contract Intelligence – How to Automate Contract Review with AI & NLU Recorded: Jan 11 2021 3 mins
    Cortical.io
    Today, enterprises spend significant effort reviewing contracts and other legal documents. This expensive manual process is both tedious and error-prone - leaving companies open to financial and legal risk. Cortical.io Contract Intelligence is a ready-to-use, AI-based solution that provides up to an 80% reduction in the time it takes to extract, review and analyze key information from any type of legal document.
  • Increasing the Efficiency and quality of the Insurance Quoting Process Recorded: Jan 11 2021 3 mins
    Cortical.io
    A patented Artificial Intelligence approach to natural language understanding enables Cortical.io Contract Intelligence to quickly extract provisions and values, based on the meaning of words and sentences, rather than relying on keyword matches. This is the best way to extract the information accurately from a broad range of carrier contracts.
    The solution has been developed to meet the specific needs of plan review – for example, interpreting provisions, handling multiple products in a single plan, and managing different employee classes. This greatly reduces the time needed by a quote specialist and increases accuracy, resulting in more timely and higher quality quotes.
An efficient approach to NLP / NLU & the business solutions it enables
Cortical.io delivers AI-based business solutions which are quicker and easier to implement and more capable than current approaches. The company’s patented method of Natural Language Understanding (NLU) enables enterprises to more effectively search, extract, and analyze information from unstructured text. The company’s solutions, including Contract Intelligence and Message Intelligence, cover a wide spectrum of use cases with proven implementations.

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  • Live at: May 27 2021 4:00 pm
  • Presented by: Roland Roccaro, IT Project Manager, Symfact
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