Global law firm Norton Rose Fulbright has launched a new chatbot powered by artificial intelligence that has been trained to respond to queries in relation to emerging regulatory developments in the insurance sector.
The chatbot is the latest iteration of the firm’s NRF Parker chatbot and will operate under the name of “Parker Insurance”. It is intended to help clients navigate new laws and regulations relevant to the insurance sector. Parker will continue to evolve and learn in order to develop its knowledge of the sector.
Parker Insurance’s first skill will be to respond to questions on how the Insurance Distribution Directive (IDD), which came into force on October 1, 2018, will impact businesses operating in the insurance sector in the EU.
The IDD is a minimum harmonisation European Directive that applies to intermediaries and also to insurance and reinsurance undertakings who sell insurance products direct to their customers in the EU.
Parker uses natural language processing, giving it the ability to answer a variety of free form questions businesses may have on the implementation and impact of IDD. Parker can also prompt users into asking questions which may be of interest to them given their prior inputs. The development of the chatbot was led by London-based corporate insurance partner Nico Berry, who heads up Norton Rose Fulbright’s InsurTech practice, and senior knowledge lawyer Laura Hodgson, assisted by paralegal Holly Tunnah, who is based in the firm’s Newcastle hub. Parker’s conversational abilities were built using the firm’s EMEA corporate insurance group’s existing knowledge of the IDD and its application to insurers and intermediaries.
Nico Berry said: “Our insurance team have been strong supporters of innovation in the insurance sector. Parker Insurance shows that we are innovating as a group and committed to finding ways to provide know-how to our clients in a way that is easily assessable and relevant in the context of the technologies available today. Chatbots are just one of the technologies we are developing. We are also looking at ways of deploying technology in other aspects of our transactional and regulatory practices.”
Internationally, the Norton Rose Fulbright global insurance group – spanning disputes and transactions – has developed a reputation as one of the most highly-regarded insurance and reinsurance practices in the world. The group consists of over 400 lawyers worldwide; providing legal, regulatory and strategic advice on all aspects of the insurance and reinsurance industry, whether contentious, transactional or regulatory.
Talk to Parker: Insurance about IDD on our website here.
For further information please contact:
Louise Nelson, Senior PR Manager
Tel: +44 (0)20 7444 5086; Mob: +44 (0)7909 684 893
Notes for editors:
Norton Rose Fulbright
Norton Rose Fulbright is a global law firm providing the world’s preeminent corporations and financial institutions with a full business law service. The firm has more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East.
Recognized for its industry focus, Norton Rose Fulbright is strong across all the key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare. Through its global risk advisory group, the firm leverages its industry experience with its knowledge of legal, regulatory, compliance and governance issues to provide clients with practical solutions to the legal and regulatory risks facing their businesses.
Norton Rose Fulbright operates in accordance with its global business principles of quality, unity and integrity, aiming to provide the highest possible standard of legal service in each of its offices and to maintain that level of quality at every point of contact.
Norton Rose Fulbright Verein, a Swiss verein, helps coordinate the activities of Norton Rose Fulbright members but does not itself provide legal services to clients. Norton Rose Fulbright has offices in more than 50 cities worldwide, including London, Houston, New York, Toronto, Mexico City, Hong Kong, Sydney and Johannesburg. For more information, see nortonrosefulbright.com/legal-notices.