Find Out What ClaimDeck has been up to in Q2: Clients, Partnerships, Insights, & Events

Jun 21

Hear From a Few of Our Clients and Users

JoAnne Artesani,
Founder & CEO at Sproutr

“P&L owners have 2 main levers to manage profitability. Focusing on the top line is a logical start; however, ClaimDeck’s solution appears to have the potential shave the bottom line without bearing the heartache of reducing staff to accomplish the same. This is a solution I am watching with enthusiasm.”

April Willers,
Executive Director at Hermes Law

“I really appreciate the ease with which I can set up and edit my ‘dashboard’ to manage the operational best practices in our firm. I can quickly sort large amounts of data, and also read it easily, due to the speed and user-friendly interface for targeting specific case info. The column calculation feature is super helpful and I use it regularly. Throughout the day, it’s easy to see how we’re tracking on our internal process timelines, and where information has been recently updated or needs to be. I feel so self-sufficient because I have ClaimDeck to lean on for everything I need without reaching out to the Attorney. The theme that comes to my mind when using ClaimDeck is ‘easy’.”

New Partnerships

Adding to our current ecosystem of 13 partners, we are proud to announce our new relationship with Albany group.

“Albany Group is excited to announce its partnership with ClaimDeck, the leading claims litigation management solution. This collaboration is a significant step forward as we continue to expand and deliver enhanced control, insight, and simplicity to businesses.

Through this new partnership, ClaimDeck's extensive legal data will be integrated into our Conect™ platform.

In line with our commitment as partners to bringing control, insight, and simplicity to the insurance industry, by combining our expertise and resources, we empower insurance companies to establish open and transparent legal supply chains, elevating their visibility and oversight capabilities to unprecedented levels.”

Insights with CLM

CLM Study:

Reflections on The 2023 CLM Litigation Study, performed by Suite 200 Solutions

The 2023 CLM Litigation Study, performed by Suite 200 Solutions, has shed light on the existing landscape of claims litigation management. As a leading provider of claims litigation management technology, ClaimDeck has closely examined the study's findings, aligning them with our own experiences in the industry. We have witnessed a remarkable surge in demand, with sales increasing by 300% in the last quarter, along with a significant increase in year-on-year inquiries. These trends emphasize the growing recognition among carriers of the value and importance of investing in litigation management technology. The study cites that 75% of participants said they will be investing heavily in litigation management technology in the next three years.

Enhancing Control and Oversight:

The study's findings reinforce the factors driving the increased sales activity for ClaimDeck. Carriers are increasingly seeking greater control and oversight of their litigation processes, recognizing that traditional methods often fall short. According to the study, only 38% of participants believe that law firms truly understand their needs, while a mere 30% perceive law firms as effective in creating value. This highlights the critical gap that litigation management technology like ClaimDeck can fill by providing carriers with comprehensive tools to manage and monitor their litigated claims efficiently.

Challenging Conventional Assumptions:

The study's results have challenged long-held assumptions in the industry. A striking 81% of participants acknowledged that spending more on defense does not necessarily reduce indemnity costs, while 83% believe that higher attorney compensation does not lead to better outcomes. These findings underscore the need for a paradigm shift in claims litigation management strategies. ClaimDeck offers a solution that empowers carriers to make informed decisions based on data and analytics, rather than relying solely on traditional, costly approaches.

Streamlining the Litigation Process:

A significant finding from the study is that a remarkable 87% of carriers believe that the majority of litigated claims settle later than necessary. This delay adds unnecessary costs and prolongs the resolution process. To address this issue, carriers are turning to technology solutions like ClaimDeck. By providing a collaborative platform with automated alerts and notifications, ClaimDeck enables carriers to streamline the litigation process, ensuring adherence to service level agreements (SLAs) and prompt action on each case.

Scaling Teams for Effective Management:

The study also revealed that 40% of carriers participating in the research have expanded their teams to manage the litigation management function, excluding file management. This growth indicates the increasing complexity and demands associated with claims litigation management. ClaimDeck offers a comprehensive solution that reduces the need for additional administrative efforts by automating processes and centralizing critical information, allowing carriers to effectively manage their litigation portfolios.

Adoption of Matter Management Platforms:

The study revealed that 16% of claims organizations are currently utilizing a separate matter management platform to track and manage litigation, indicating a growing recognition of the need for specialized tools in claims litigation management. While this percentage may not seem overwhelmingly high, it is higher than anticipated and highlights the increasing demand for solutions like ClaimDeck.

Only 8% of the study participants reported using a shared work environment with counsel. While this figure may initially seem low, it underscores the opportunity for organizations considering ClaimDeck to join a community of forward-thinking industry players who are embracing collaborative approaches to litigation management. ClaimDeck enables organizations to leverage shared workspaces, facilitating seamless collaboration between claims professionals, legal teams, and external counsel. This feature empowers organizations to enhance communication, streamline processes, and drive efficient case resolution, while also benefiting from the collective knowledge and experiences of the community.

Improving Litigation Metrics:

The study indicated that current litigation metrics score quite low, with an average in the 50s. This emphasizes the need for robust and comprehensive solutions to enhance the measurement and evaluation of litigated claims. ClaimDeck stands out in this regard, capturing over 1,400 data points per claim. By harnessing this vast amount of data, ClaimDeck offers stakeholders in the case access to new and valuable metrics that were previously unavailable. These insights empower claims organizations to make informed decisions, identify trends, and drive continuous process improvement. Furthermore, by feeding the insurance ecosystem with litigated claims data, ClaimDeck contributes to a more comprehensive understanding of claims litigation, benefiting many, if not every aspect of the insurance cycle.

Conclusion:

The 2023 CLM Litigation Management Study serves as a compelling validation of the rising demand for litigation management technology. ClaimDeck's sales surge of 300% in the last quarter and the growing interest from carriers substantiate the study's findings. As carriers recognize the limitations of traditional approaches, they are turning to solutions like ClaimDeck to gain control, enhance efficiency, and drive better outcomes in claims litigation management. With automated tools, collaborative features, and data-driven insights, ClaimDeck empowers carriers to navigate the complex world of litigated claims with confidence and success. To read the full study, click here.

Events

New Team Member

Carrie Crockett, an experienced software development professional, joins ClaimDeck with a strong focus on customer success. With over 8 years of experience in software development and delivery, she leads cross-functional teams in delivering tailored solutions that meet customer needs. Grounded in Agile methodologies, she is dedicated to continuous improvement and driving innovation. With certifications in Scrum, Carrie is committed to providing exceptional service and contributing to the success of ClaimDeck and its valued customers.

Team Retreat

The team headed to Woodstock for our retreat this spring. Our sessions were productive, and we definitely think the environment helped spark our creativity.

Being together in such a fantastic setting brought us closer as a team. It was a powerful reminder of the incredible results we achieve when we collaborate and share a common purpose.