Insurtech Kennedys IQ, the technology division of Kennedys Law LLP, has launched Kennedys IQ SmartRisk, the first fully explainable neuro-symbolic AI risk analysis solution.
This tool joins the data-driven IQ Platform and aims to improve how insurers review policies, assess liabilities, and analyze coverage.
It speeds up decision-making while increasing accuracy and consistency.
Unlike pure generative AI models that produce probabilistic results, Kennedys IQ SmartRisk combines Large Language Models (LLMs) with insurance knowledge frameworks built using Evidential Reasoning (ER) and Belief Rule Base (BRB) methods.
This hybrid approach provides structured, explainable analysis, addressing the industry’s concerns about AI opacity.
It requires minimal upfront data and can be configured for any business line. Integration into client systems takes just a few weeks.
Kennedys IQ SmartRisk serves claims professionals, brokers, and underwriters in global markets, including the UK, Europe, North America, LATAM, and APAC.
It automates risk assessments and policy analysis, enhances claims governance, extracts data from complex documents (including handwritten notes), and improves compliance by reducing inconsistencies.
Karim Derrick, Chief Product Officer at Kennedys IQ, noted the growing demand for AI-driven automation in insurance. He highlighted the challenges in underwriting specialty and complex risks, where inconsistencies and human errors often occur.
There is a growing demand for AI-driven automation in insurance, particularly within specialty and complex risk underwriting. Policy wording analysis and claims handling are complex, inconsistent, and prone to human error, and GenAI chatbots today lack auditability, making them unsuitable for insurance risk assessment.
Karim Derrick, Chief Product Officer, Kennedys IQ
Unlike typical GenAI chatbots, which lack auditability, SmartRisk offers transparent decision-making and regulatory compliance. It reduces human error and frees insurance professionals to focus on critical tasks while maintaining control over risk analysis.
“Our interest is helping clients identify, manage and mitigate risk through the SmartRisk tool which can fill this gap to ensure transparency in decision making and regulatory compliance. In doing so, it eliminates the ‘black box’ concern around other AI models, while improving efficiency, minimising human error and providing insurers and brokers with deeper data-driven insights. Kennedys IQ’s SmartRisk frees up insurance professionals to focus on high-value decision-making while maintaining full control over risk analysis,” Karim Derrick says.
Neil Mody, US Partner at Kennedys IQ, explained that the U.S. model supports insurance adjusters in navigating regulatory frameworks, such as New York Insurance Law 3420.
By reflecting professional coverage evaluation processes, it helps adjusters identify coverage issues and make informed decisions. This reduces costly human errors in claim reviews, saving insurance companies millions annually.
Kennedys IQ SmartRisk was developed by the Kennedys IQ R&D team in partnership with the University of Manchester and Kennedys lawyers across various regions.
It applies generative AI with explainable machine intelligence, forming a neuro-symbolic approach well-suited for complex reasoning and decision-making tasks.
Initial pilot programs have received positive feedback from insurers, who reported fewer errors and improved operational efficiency.
Richard West, Head of Client Innovation at Kennedys IQ, stated that SmartRisk is both transparent and reliable. It integrates professional judgment with advanced technology to safeguard client and customer reputations.
Karim Derrick concluded that SmartRisk was developed for the industry, providing real insights that reduce risks and boost efficiency.
Kennedys IQ helps you manage your claims more efficiently. It’s a data-powered technology platform to help you manage your claims in less time, at a lower cost and with better outcomes.
And it will help business become better informed to tackle future threats, challenges and opportunities.
It generates strategic legal and industry insights to inform business and claims strategy. And it uses intelligent tools to power day-to-day claims processes.
It brings together lawyers, technologists and claims experts to help business and claims professionals do what they do, even better.
