Implementing Insurance Legal Analytics to Drive Results and Reduce Spend
With nuclear verdicts on the rise and internal processes suffering from lack of collaboration, insurer legal departments are ripe for transformation. Litigation technology solutions can bring clarity to many case issues while proactively streamlining workflows for much more efficient processes.
Insights into attorneys and judges
Selecting the right attorney for a case can make a huge difference to the outcome. But how do you choose? New technology provides automated insights based on case details to help guide attorney selection. These litigation advancements have the ability to analyze data from a wide range of case sources including claims notes, emails, and medical records. In addition, knowing how presiding judges have ruled in similar cases is invaluable to developing sound legal strategy. Armed with this knowledge, your team can better decide whether to proceed with litigation or settle the case.
Legal spend guidance
Litigation costs are one of the biggest expenditures that insurers incur – yet insurance companies have very little insight into where all the money goes. That’s because they lack both their own historical and industry-wide data around litigation outcomes and spend. This makes decision-making difficult. But new technology captures insurers’ current and historic case information and benchmarks it against the industry – providing important markers for improved settlement offers and trial decisions.
Verisk’ Legal Case Management solution is a game-changer
Verisk’s Legal Case Management solution captures litigation case information, structures it into actionable data, and provides critical insights to help you improve case outcomes and strategically reduce costs. The solution facilitates streamlined communication and collaboration among all the players – from adjusters to claims managers to counsel.
Case work is managed and tracked through the Kanban, an agile work process platform in which both upcoming tasks and the actual passing of assignments are visualized. Originally developed for lean manufacturing, this digital work board displays new tasks, integrates email communications, provides checklists for assignments, while also offering at-a-glance project status in real time.
Teams can periodically re-evaluate strategy, because the solution includes alerts to claims personnel and counsel when key milestones occur, as well as when there are updates to the case and documents are shared. Legal Case Management integrates with other Verisk claims solutions and offers access to additional curated legal tools directly from the platform.
The time is right to make the move to a nimble case management software with robust legal insights. To learn more about the new Legal Case Management solution, please contact me at firstname.lastname@example.org.