DocLens.ai
Reducing Legal Risk through AI

If you’re prepared, you’re not doomed.

To effectively manage risk, legal must expand to new risk areas and business strategies while ensuring alignment with an appropriate level of risk tolerance.

A large part of it includes tapping into the power of unstructured data. Data locked away in text, audio, social media, and other unstructured sources can be a competitive advantage for firms that can figure out how to use it.

Unleashing these underutilized assets helps mitigate the underlying risks, and that’s where DocLens.ai comes through.

“We leverage intelligent document processing and vertical AI capabilities to provide clients with key answers to business risk questions hidden in the legal documents, so they can proactively identify the risks and make data-driven decisions to develop costeffective mitigation strategies,” says Arnab Dey, Co-Founder and CEO of DocLens.ai.

We leverage intelligent document processing and vertical AI capabilities to provide clients with key answers to business risk questions hidden in the legal documents, so they can proactively identify the risks and make data-driven decisions to develop cost-effective mitigation strategies

There is an increased demand for automating legal document analysis, making contextual research easy, and getting insights from third-party data. DocLens.ai, with its SaaS products ContractLens and ClaimLens, enables just that. While ContractLens facilitates legal professionals in identifying supplier contract risk, ClaimLens does the same for pending insurance liability claims.

Simplifying the Risk-Identifying Process

One of the primary challenges it is trying to solve is structuring unstructured data. Using AI and ML, the platform provides an automatic workflow that makes it easier for legal professionals to unlock unstructured data in documents and email attachments. Having all the data, they save time in reviewing thousands of documents.

What differentiates the platforms is its proprietary risk scorecard. Designed by legal experts and claims leaders, this risk scorecard gives a simple view of which documents have the possibility of high risk, including the description of risk associated with specific factors. For example, in insurance liability claims, there are three broad categories of legal risks, including venue, attorney, and claim characteristics. Out of tens of thousands of claim documents, the risk scorecard directly highlights the specific section and sentence within these documents which contains these risk factors. It’s like starting at 30,000 feet of documents and working its way down to the documents that need special attention.

The platforms’ AI capabilities are backed by a state-of-the-art natural language processing (NLP) framework. In a single click, the framework makes it easy for legal professionals to do a contextual-based search. Its text search technique automatically sorts the context of words, phrases, and sentences in legal documents to develop an understanding of the provisions causing the risk.

After identifying the risk, the platforms’ ‘human-in-the-loop’ Quality Assurance approach comes in, where a team of expert lawyers and claims experts manually label a sample of the data for accuracy to the information procured by the AI models.

The platforms’ pre-trained AI models have repository data insights, gleaned from third-party data, which augment the risk engine and drive benchmarking. It also provides legal professionals with an industry-level model to stay current and adhere to evolving legal risk trends. Since the platforms are API-driven and connected to the client’s infrastructure, it promises that their data is secured at rest and in transit.

Walking the Talk with Proven Results

In one instance, a company with many contracts wanted to answer whether their contracts adequately cover all risk areas. Onboarding DocLens.ai’s innovative legal risk platform, they gained all the key answers to the business risk questions in a day and received highly accurate information and insights from these documents. Concurrently, it also gave them complete flexibility to look into more contracts than ever before. This resulted in a $250 to $400 per contract cost avoidance benefit.

This is but one of its success stories. The advantages gained from DocLens.ai’s legal risk platforms are poised to take reviewing and assessing risks for all kinds of documents a step further.