Risk management competition embraces AI

The Law Society of Scotland’s annual risk management competition is shifting its focus toward innovative solutions driven by technology and artificial intelligence (AI). This year’s Innovation Cup, which opens for entries now, invites Scottish solicitors, paralegals, trainees, and other legal professionals to propose ideas leveraging AI and technology to address issues related to the Master Policy—a compulsory professional indemnity insurance for Law Society members.

Paul Mosson, the Law Society’s Executive Director of Member Services and Engagement, emphasized the relevance of this shift, stating, “As we celebrate the Law Society’s 75th anniversary and look to the future of the profession, this is the perfect time to reshape the Innovation Cup. Technology and AI are a key part of that future.”

Participants are encouraged to submit solutions that do not necessarily require technical expertise but must harness the potential of AI and technology to enhance risk management and reduce claims. The winning entry will be developed in collaboration with the LegalTech community and Lockton, showcasing how digital advancements can improve risk management within private practice firms.

Edward Ambrose, UK Head of Professional Indemnity at RSA, expressed enthusiasm for the competition, noting, “We are in an unprecedented age for technical innovation and digital solutions. We are seeking entries that use technology to address high-risk areas and reduce claims against the Master Policy.”

The competition is organized by the Law Society of Scotland in partnership with RSA and Lockton. Entries will be evaluated by the Law Society’s Insurance Committee, RSA, and Lockton representatives. For more details on the Innovation Cup and how to enter, visit the Law Society of Scotland’s website.