The Transformational Benefits of Advanced Insurance Claims Case Management Software
Why Insurers Need Case Management Software that is Advanced and For Insurers Only:
When leading insurance companies committed to creating a leading litigation department, they partnered with an advanced case management software provider focused only on optimizing insurance claims litigation. Traditional case management software companies helped insurers go paperless decades ago, however, today’s leading insurers understood that today’s litigation pressures require much more than Dropbox and Quickbooks for Lawyers. Today’s leading insurers understand the elements of leading litigation department software: insurance-specific workflows and strategies, stakeholder adoption, streamlined collaboration, and actionable and complete performance and predictive analytics.
Elements of an Advanced Insurance Case Management Software:
Advanced insurance case management software codifies the best practices of insurance litigation management.
Every level at the insurance company and law firm use the advanced insurance case management software to manage their cases, evaluate trends, and push toward top performance.
Advanced insurance case management software replaces emails and Word documents with check-the-box and fill-in-the-blank collaboration portals optimizing insurers’ and their panel counsels’ productivity.
Advanced insurance case management software captures every key insurance litigation component as data and uses it to power actionable analytics to help insurers choose the right staff, defense counsel, vendors, and settlement strategies.
- Leading insurance companies have litigation needs that are only satisfied when they have the right case management software. Leading insurers choose software that powers the most important processes for the most important stakeholders in the department.
Advanced Insurance Case Management Software Implementation:
Leading insurance companies agree implementing case management software is the most important initiative they have ever had in their litigation department. They know that solving litigation problems requires an efficient and effective process focused on achieving a truly transformed litigation department. These insurers quickly realize that an advanced implementation process produces benefits before the launch even happens.
Advanced case management software providers focus on complete and actionable analytics. As a result, the advanced providers not only import pending open cases into their software, they import closed cases, too. This supercharges insurers with actionable analytics on the launch day.
Advanced case management software providers provide more training than traditional providers because the advanced solution optimizes the processes for every stakeholder in litigation, not merely administrative staff. Additionally, advanced providers focus on training the panel counsel personnel because they often outnumber internal insurer litigation staff by a factor of 25 to 1.
Advanced providers do not provide many configurations because their software is already optimized for insurance case management.
Advanced case management software provides simple yet robust options to integrate myriads of key data with insurers’ core business systems. With advanced case management software capturing a vastly more robust data set than traditional systems, advanced providers work with leading insurers to stream their data to the underwriters and actuaries.
Advanced insurance case management software may take one to six months to implement. Unlike traditional software implementation, advanced software implementation will result in a complete digitization of the litigation portfolio and actionable analytics by the launch day. Advanced providers accelerate that process by engaging panel counsel personnel to support the implementation.
Advanced case management software providers overcome the most glaring deficiency in traditional case management software deployment. Advanced providers partner with hundreds to thousands of panel counsel personnel who work for the insurance company to lead the implementation and shoulder the workload.
Advanced providers assign one to three claims-experienced attorneys or paralegals to lead the implementation.
- Implementing advanced case management software is more valuable to an insurer’s litigation department than any other initiative, however, it does not need to be difficult. Leading insurance companies partnered with advanced case management software providers to digitize their entire litigation portfolio and have actionable analytics by the launch day.
Advanced Insurance Case Management Software Customer Success:
Complete and Powerful ROI and Business Objectives:
The return on investment of advanced case management software is unlimited and constantly evolving.
Advanced case management software substantially reduces legal expenses. Unlike legal fee auditing’s approach to make slight reductions on thousands of billing items after the legal work is complete, advanced software providers arm panel counsel with the tools to conduct litigation activities in a fraction of the time.
Collaboration accounts for approximately 60% of legal expenses. By replacing emails and Word documents with check-the-box and fill-in-the-blank workflows, advanced software helps insurance companies reduce collaboration time by 50%. This provides insurers with the opportunity to save 50% of their legal expense spent on routine case collaboration.
Legal document creation is approximately 40% of legal fees. Advanced providers replace antiquated document crafting with one-step automated high quality legal document creation.
Insurers using advanced litigation software use transformative analytics to propel key financial initiatives, including developing pre-suit settlement teams, fast-track initial litigation settlement strategies, and in-house attorney teams. Leading insurers also use advanced litigation software to free up litigation managers and adjusters to focus on settlement instead of clerical tasks, and to provide underwriting and actuaries with better data to write more profitable business.
The litigation department is no longer silo’d, and executives outside of the department can now use the advanced software and data to collaborate with the litigation department on how to measure and influence success.
Advanced providers make the panel counsel personnel conduct the heavy lifting. Advanced providers arm panel counsel with the true performance metrics they need to determine their value to the company with tools like attorney scorecarding. Arming panel counsel with this data makes them informed enough to be accountable.
Advanced providers ensure insurers meet their ROI and business objectives by staffing the relationship with claims litigation experts who can take the initiative to overcome the obstacles and get the results needed.
- Today’s leading insurers shed themselves of the stifling traditional case management software providers and the corresponding weaknesses at the core of their department. To emerge from today’s litigation environment stronger than ever, these leaders partnered with advanced insurance case management software partners. The leading insurers reaped the benefits of advanced case management software’s insurance solutions, skilled implementation, and transformative customer success programs.