Law360 speaks with Burford's Vice Chair David Perla and Chief Development Officer Travis Lenkner in an article entitled "Insurers Have Long Used AI; Now, Litigation Funders Want In."
The article discusses insurers' past use of AI technologies and how companies like Burford are taking measured steps to incorporate AI into their underwriting practices, keeping in mind that there is "data asymmetry" between the two industries, making the application of AI into legal finance a slower process.
The article states: "'For anything insured, the insurance companies - and there's a limited number of them - will have that data,' Perla said. 'But there's a dispersion of claimants, and they won't necessarily have that data. Maybe the law firms will have it, but even there, you have hundreds and hundreds of law firms in any given jurisdiction.'"