Premonition is well-positioned to become an industry leader not just in legal analytics, but in analytics.
Premonition’s model is simple:
• Acquire proprietary Big Datasets
• Apply Artificial Intelligence and Machine Learning to them
• Arbitrage the market inefficiencies we find.
Premonition is looking to apply its Artificial Intelligence system to new industries by providing partners in those industries with solutions that are complimentary or exponentially better than their existing offerings.
Acquiring Proprietary Big Datasets
• Assembling data from disparate sources to form proprietary datasets
For example, Premonition assembled and normalized data from the 3,124 Circuit Courts to build the World’s largest litigation database.
• Merging databases to form proprietary datasets
For example, by mapping insurance industry Lines Of Business(LOB) classifications to Court Case types, we were able to produce a new proprietary dataset analyzing litigation effect on the insurance industry.
• Applying analytics and AI to enhance data and form proprietary datasets
For example, Premonition analyzed a combination of litigation and stock market data to find out:
- Which industries and companies were significantly affected by their litigation results?
- What the typical effects were?
- What the typical lead time was between litigation outcome and balance sheet/stock price effect?
Apply AI & Machine Learning to our proprietary datasets
The Premonition system can read and analyze over 50,000 documents a second.
It enables us to ask questions that have never been possible before. For example:
- Who wins? – Instead of who do we think is good?
- Testing different strategies. – Instead of guessing which might work.
- Does A affect B, and if so why, and by how much? What about C thru Z also?
- The insights are limited only by our imagination.
Arbitrage the market inefficiencies we find.
Many industries are driven by antiquated, unproven or misleading measures of performance.
- UK Law Firms’ choice of Barristers is 38% worse than random.
- Clients cannot determine the quality of legal advice – Couwenberg et al, 2009
- Grades are no strong indicator of hiring effectiveness – Schultz & Sedeck, 20011
You can find more surprising findings here
By partnering with existing market players, we can extract far more valuation from our insights than simple data sales or consulting.
Premonition built a system to download and analyze court data at scale, in a few months.
Premonition invented the concept of attorney “win rates”, disrupting the legal industry.
Insurance Loss Data:
Premonition developed a loss database 30x larger than the industry leader, in a month.
Premonition built a system to determine which lobbyists win get what bills passed with which committees, agencies and politicians in a week.
How can you partner with Premonition to disrupt your industry?