Kennedys IQ launches Insurtech industry’s first neuro-symbolic AI solution for global insurance market

Kennedys IQ, our client-facing technology division, has launched the first fully explainable neuro-symbolic AI risk analysis solution, Kennedys IQ SmartRisk, the latest addition to the data-powered technology IQ Platform. Kennedys IQ SmartRisk will transform how insurers approach policy review, liability, and coverage analysis by accelerating review and decision-making whilst improving accuracy and consistency.

Unlike pure GenAI solutions that rely solely on probabilistic outputs, Kennedys IQ SmartRisk leverages a hybrid approach, integrating Large Language Models (LLMs) with insurance knowledge modelled using Evidential Reasoning (ER), and Belief Rule Base (BRB) methodologies. Kennedys IQ SmartRisk goes beyond pure language processing, providing insurers with a structured decision-making framework. This innovative approach ensures fully auditable and explainable analysis, overcoming industry concerns around AI’s ‘black-box’ opacity. The system does not require large amounts of upfront data and can be configured for any line of business and integrated into client systems in just a few weeks.

Designed for claims professionals, brokers, and underwriters across global markets, including the London Market, specialty and general insurance in the UK, Europe, North America, LATAM and APAC, Kennedys IQ SmartRisk enables insurers to: automate risk assessments and policy analyses, enhance claims governance through structured decision-making, extract critical data from complex documents – including handwritten notes – and improves compliance and accuracy, while reducing inconsistencies in decision-making.

Karim Derrick, Chief Product Officer, Kennedys IQ, comments: “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.

“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.”

Neil Mody, US Partner, adds: “The SmartRisk U.S. model is designed to help insurance adjusters navigate complex regulatory frameworks, including New York Insurance Law 3420. By mirroring the proprietary coverage evaluation process honed by seasoned professionals over decades, SmartRisk enables adjusters to reliably pinpoint key coverage issues, and make well-informed decisions. SmartRisk empowers adjusters by streamlining claim reviews while reducing high-frequency, high-risk human errors that cost insurance companies millions annually.”

Kennedys IQ SmartRisk was developed by the Kennedys IQ R&D team in conjunction with the University of Manchester in the UK and lawyers from Kennedys across multiple jurisdictions. It leverages generative AI and explainable machine intelligence, creating a neuro-symbolic approach to the application of AI ideal for applications requiring deep reasoning, rule-based logic, and explainable decision-making.

Pilots have already received strong positive feedback from leading insurers, highlighting Kennedys IQ SmartRisk’s effectiveness in reducing errors, eliminating inconsistencies in professional judgement, and significantly improving operational efficiency.

Richard West, Head of Client Innovation and Director of Kennedys IQ, says: “SmartRisk is devastatingly trustworthy and our proprietary response to the AI revolution. Built on our deep professional insights, it seamlessly integrates specialist judgement with cutting edge technology. It is transparent, explicable, and designed to protect our clients’ and their customers’ reputations. We encapsulate professional integrity at the heart of Kennedys IQ SmartRisk”.

Karim concludes: "SmartRisk is built for the industry, by the industry. This is not just AI for the sake of AI – it’s about giving insurers real, explainable insights that reduce risk and improve efficiency.”