Even if your legal department doesn’t handle a large volume of claims, there are dozens, if not hundreds, of documents related to a single claim. The inability to reduce time wasted on finding legal information is a source of frustration for corporate legal departments. Keeping documents organised can have a huge impact on the way you work and reduce costs. This article highlights the advantages of using a cloud based claims management system.
Why you need a claims management system
Have you ever wasted hours searching for documents? Have you ever been unable to provide information to stakeholders because you simply cannot find it? Both of these scenarios can have disastrous consequences for business continuity and risk management. The good news is that they are both preventable. For more information on calculating your risk, check out our risk assessment calculator.
If your current approach to claims management is paper-based and lacks structure, in the short-term switching to a cloud based claims management system will save you time. In the long term it will allow you to grow along with the speed of the rest of the business. Instead of feeling overwhelmed about where your documents are, you’ll have more control and won’t have to worry that you’re missing something.
Before you invest in claims manager software
Taking the time to take an inventory of what types of information you have before investing in claim management software can save you a lot of hassle in the long run. Assess whether you can locate the documents related to the claims you’ve handled and what processes you follow during pre-litigation, litigation and arbitration. This will help make your transition to the new claims management system much smoother.
How a claims management system can transform your legal department
One of the advantages of cloud based claim management is that it dramatically reduces the need to manage paper-based processes. Physical storage is expensive because it takes up a lot of space, especially as the business continues to grow. By storing all documents in a centralised location you can easily store and share information for any type of claim. You no longer have to worry about the consequences associated with data loss, and whether you’re missing a document during a dispute.
Spreadsheets don’t give you the details you need to protect the business from legal risk. A claims management system can help you stay in control of mitigating measures and keep track of how your cases are performing in real-time. Therefore, you have more control over the claims lifecycle and can deal with each stage with confidence.
Increasing legal complexity has contributed to a growth in claims information. When claims management is unstructured it can be difficult for legal departments to them effectively, resulting in errors, increased risk and financial loss. Download the whitepaper, “Driving value by facilitating better collaboration across the business,” and learn how to boost interdepartmental collaboration by identifying areas for optimisation and adopting tools to improve communication and self-service.