PLUS Podcast: Becoming an LPL "Precog"

Despite significant transformations in nearly every other aspect of the insurance and legal industries, the approach to preventing, predicting, assessing, and resolving malpractice claims hasn’t really changed. Malpractice insurers and their law firm clients continue to take an old-fashioned approach when it comes to underwriting legal professional liability (LPL) coverage. Most legal malpractice insurers aren’t yet leveraging advancements in technology and legal analytics to forecast risk at an individual level based on behavioral data. Instead, LPL carriers primarily react to actual events or use the broad brush of simple demographics to set rates.

In this podcast episode, Professor Nancy B. Rapoport, and Joseph R. Tiano Jr., Esq. discuss using billing data and data analytics tools to predict an individual legal professional's risk of committing legal malpractice so that measures can be taken to prevent the risk from turning into reality.