There’s a party going on and you’re invited. Tons of models are at the party too.
If you’re like most claims executives, you like to arrive fashionably late to the party. You don’t want to be the first people there. You don’t even want to be in the first 50% of people to show up.
It’s time to take advantage of the opportunities we have, especially claims litigation data analytics. Using data analytics, homeowners insurers and their attorneys can save millions of dollars per year in unnecessary expenses. For homeowners insurers, competing on analytics could help insurers reduce their defense cost containment expenses by 30-50%.
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?