In the current business environment, insurance claims defense litigation teams are expected to manage heavier caseloads than ever. This doesn’t necessarily mean that you and your colleagues must put in more hours or that you need to add more staff to the payroll. You can leverage technology to help your team work smarter, not harder.
An insurance claims litigation management (CLM) solution supports each of the key functions of your department, such as financial management, litigation analytics, and vendor management, to make sure you have the best counsel, get the best results, and pay the right price.
For example, an insurance CLM platform can:
- Reduce claim litigation spending
- Enhance tracking and monitoring of law firm performance
- Provide complete visibility into financial trends that are important to you and the corporate management team.
The challenge is that the marketplace of technology offerings that are promoted as CLM solutions can be confusing. Some systems are off-the-shelf tools that were designed for other industries, some platforms are difficult to integrate with other third-party products such as Claims or AP systems, and of course there is a wide disparity in total cost of ownership. In addition to this confusing range of available products, the truth is that not all insurance industry users have the same level of experience with CLM tools.
For some claims litigation departments, the idea of purchasing a CLM platform may be a new concept for which they need to start from scratch—with an understanding of the array of options and price points in the marketplace. Other departments may find themselves in the position of having outgrown the technology they first acquired years ago.
So whether the time has come to shop for a new CLM tool or to find a platform for the first time, we have created a handy checklist of features that you should look for when selecting a solution for your company. The list is not exhaustive, and you will need to determine which capabilities are most important for your unique needs, but this checklist is a good starting point to guide your purchasing path.
The checklist lays out a number of specific features to seek out within six key categories:
- Advanced Financial Management Tools
- Law Firm Management
- Robust Data Analytics
- Peer-to-Peer Benchmarking Insights
- Flexible Management Reports
- Claims Litigation Department Workflow
Download a free PDF of the CLM buyer’s checklist to see all of the features.
We encourage you to consider LexisNexis® CounselLink®, a leading insurance CLM solution that will help you bring greater efficiency, cost-savings, and insights to your claims litigation department. We are pioneers in insurance eBilling, automated invoice review, and billing audit compliance, and for the past three decades we have been innovating in this industry to develop a comprehensive insurance claims defense solution. In fact, four of the top six Property & Casualty insurers in the U.S.—and numerous mid-sized and small insurance companies—rely on CounselLink for support of their claims litigation management needs. CounselLink customers report an average return on investment of 18 times what it costs to acquire CounselLink, while saving staff significant time so they can focus on more strategic tasks.
Please click here for more information about CounselLink.
For 22 years, Dan has helped optimize law department and claims legal operations. By focusing on the strategic value of data, Dan’s clients have implemented the tools and processes that provide control over finances, vendors, and work/task management. This hands-on approach leads clients to boast-worthy efficiency improvements and significant cost reductions, the kind of results that show nicely on quarterly reports and in board meetings.
Ruderman spearheads the Strategic Partner Program for Legal Business Solutions at LexisNexis, capitalizing on the interdependence of the market ecosystem to bring resources to CounselLink customers and help move them upward on the maturity curve. Prior to joining LexisNexis, Dan worked for divisions of GE and Lockheed Martin on visualization hardware and software development and distribution.