Claims litigation management is a complex endeavor, which requires claims professionals to consider the best interests of policyholders, as well as the business needs of the company. Fortunately, there are technology solutions that provide help meeting these goals.
When evaluating technology and providers, there are several things to keep in mind in order to ensure success. This is true when thinking about the potential solution itself and when considering which provider will be the best partner for your company. Before making a selection, it is important to consider both of these aspects with respect to each of your options.
Critical product capabilities
There are certain features that any claims litigation management solution you consider should have, but a long feature list doesn’t necessarily make a solution right for your claims department. You should start with an understanding of what your organization’s goals are and use that as the basis for your discussions with vendors.
That said, the following traits are critical to a claims litigation management solution:
E-billing and spend management functionality: There are many options on the market for e-billing and matter and spend management. To differentiate the best of these, look for an easy-to-use, configurable interface with single sign-on functionality, all of which will help support user adoption and increased efficiency. The solution should offer users wizards that step them through more complex workflows, as well as support for mobile access so that they can accomplish their tasks wherever they happen to be.
Reporting and business intelligence: Business intelligence capabilities are key to putting the data collected by the e-billing and spend management features to good use. Your solution should provide visually appealing dashboards that present data clearly and allow you to automatically and securely deliver reports to key stakeholders. In addition, it should utilize artificial intelligence (AI) in supporting good decision-making.
Collaboration and outside counsel management: Because of the large number of jurisdictions and firms, as well as the many specialized legal areas, that claims departments must manage, good collaboration with outside counsel an absolute necessity. Look for a solution that provides easy and efficient communication, rate negotiation, panel management, and performance evaluation.
Interoperability and integration with claims management systems: Claims specialists need a litigation management tool that can integrate with their other key solutions. Choose a solution that integrates with third-party systems, such as claims management, accounts payable, and document management, and with the tools claims professionals are already using, like Microsoft Outlook.
Right-sized claims solution: Choose a solution that will allow you to build a multiyear roadmap and expand your capabilities at the right pace for your organization. Make sure the provider can describe how the product will deliver on your priorities and expected results.
Choosing the right technology partner
Your chosen solution provider will have as much impact on your success as the product you select. When you begin a partnership with a new provider, you need to know that they are reliable, knowledgeable, and committed to helping you achieve your goals.
As you talk with potential partners, keep the following in mind:
Data security: There is no more critical requirement than data security. Consult with your IT department for internal expertise and evaluate your potential providers’ security practices. Make sure that they meet industry-standard compliance requirements and maintain strict security and control standards through third-party audits and certifications.
Implementation and training: Your implementation project should be carefully planned and managed to address your specific requirements. Toward this end, ask what level of project planning and management will be included. Determine what types of training programs are offered both for your staff and your law firms. Learn about their customer service approach, who your contact will be, and whether they support multiple languages and time zones.
Roadmap and innovation: Their product roadmap can reveal whether a provider’s objectives are aligned with yours and whether their future plans support your long-term goals. You should find out how they collect customer feedback and how many touchpoints they offer via user groups, client conferences, and focus groups.
Experience and expertise: To determine whether a provider has proven experience with and commitment to claims litigation, look for them to show strong industry knowledge and have team members with extensive claims industry experience. Also, find out about the industry awards and recognition they have received. Be sure to get customer references to contact and ask them how the provider has solved problems for them or whether they have come across unexpected delays or issues.
Total cost of ownership and ROI: The key driver of e-billing and spend management value is billing guideline enforcement, which allows you to control spend. Meanwhile, robust data and analytics provide insights that help you optimize and predict legal spend, and automated processes help everyone do their jobs more efficiently and put greater focus on the highest-valued tasks.
For a more in-depth analysis of these important factors in your decision, download our eBook: Top 10 Considerations for a Claims Litigation Spend Management Solution.
