Claims Litigation Management Software
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Category: Claims-Litigation-Management-Software

Building the Future: “The One Thing” Insurance Execs Can Do Today to Innovate Claims Departments

This article was featured in Claims Journal and Insurance Innovation Reporter.

If you love football, then you know how frustrating it is to be a football fan. Every offseason, you get excited about the potential for the upcoming season. Before the season begins, you read all of the articles and watch the analysts.

They all say “This is the year.” Your team added some of the top defensive players in the league. You’re convinced they solved their offensive woes, too. Your team added a star wide receiver, and the running back is looking great in training camp.

Then the season starts and your team suffers loss after loss. You question how professionals can spend so much time and money on the sport, yet fail to improve. As the season continues to sputter, more and more people call for the team to fire the coach. At the end of the season, they fire the coach and hire a new star coach from a great team.

“Next year,” you and the rest of the fan base tell each other.

The next season begins and your team still loses. Year after year, the same cycle repeats itself.

When it comes to innovation, insurance company claims departments have a lot in common with your favorite underachieving football team. Top talent in every department. Great recruits from top companies. Lots of talk about the newest technology. But each year, you get the same results.

How can you solve this problem?

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An Overview of Insurance Claims Alternative Fee Arrangements

Insurance claims alternative fee arrangements can solve an insurance company’s problems. When a problem is costing a company up to 20% of its profits, that company should consider its options.

Here are some good ideas:

The next time you go to a restaurant, instead of paying the amount for the ham sandwich on the menu, tell the waiter you will pay the cook $150 per hour.  Tell the waiter to tell the cook to send you the bill a couple of months later so that, by then, you will have forgotten what the bill was for.
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Hacking Litigation: An Overview of Claims Litigation Management Software Transparency

The only thing worse than spending 1-2% of gross written premiums on legal defense costs is having no way to find that out.

  • Where’s the list of things a insurer needs to do when it is sued?
  • Where’s the list showing the options to defend the lawsuit?
  • Where’s the data on which legal processes work, and which ones don’t?
  • Where’s the analytics showing insurers which law firms and lawyers are outperforming the others?
  • Where’s the automatic (not manual) pie graph showing insurers how opposing attorneys will resolve cases based on prior case data?
  • Where is the searchable report showing insurers which attorneys insurers should pay more, and which attorneys they should pay less?

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Hacking Litigation: Death By Email in the Insurance Claims Litigation Department

When you applied for your job, did the job description say this:

“Email responder and saver: our company is looking for someone who can respond to emails all day, organize them, save them to a few different locations, and also send emails The perfect candidate will not be given any tools to prioritize the importance of the tasks she needs to accomplish.  Instead, she should only do what comes up in her inbox.
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The One Book You Should Read Today to Become a Better Claims Litigation Professional

Are You Ready to Battle Watson for Your Position in the Claims Department?

Are you a claims professional who is tired of hearing how IBM’s Watson is going to replace you soon? Then you better stop acting like a robot. There are two things you need to know about your future battle with Watson:

  • Watson can be programmed to do 99% of what you do 100x better;
  • However, you have the exclusive ability to choose, and this 1% advantage that you have over Watson could be the difference between becoming an insurance company executive or becoming extinct.

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