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Claims Systems Buyers Guide - 11 Features to Consider When Purchasing Claims Management Software

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9. Litigation Management It's not possible to have a conversation on claims without talking about legal management. While it is estimated that only 4% to 5% of personal injury claims (each year) end up in a courtroom, litigation can be a time-consuming, and very expensive process. That is why it is important that both insurance companies and injured parties strive to resolve the claim outside the courtroom. Any insurance claim – and legal issues associated with that claim - involves a lot of data. And since that data often resides in multiple systems or databases, the biggest challenge is the ability to pull all the data together and manage the claim along its complete lifecycle. In that way, all corresponding communication, documentation, reports, and other important pieces of information are tied to that claim. Does the vendor offer a litigation management solution for its claims system? If not, does the vendor partner with a third party to provide litigation management services? Do you need to be a legal expert to run the litigation management solution? It is also important to be able to identify high-cost claims early on and avoid litigation altogether. Predictive analytics can play a huge role here by flagging these claims early in the process and mitigate them before they become problems. CLAIMS BUYERS GUIDE | 12 Questions to Ask

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