Litigation Management - Series 5

Capturing valuable insights into the causes of claims with the right technology is key to avoiding future losses.

A perennial industry challenge has been getting claims information back to risk management in a prompt, usable, and continuous manner. A little bit of “never the two shall meet.” The causes of claims are valuable data sources for risk management in a continuous process improvement loop.

The most profound insights into the causes of claims are gained during the defense process.

All players in the risk industry are interested in reducing claims and their severity. It is the noble underpinning of the industry -- The Why?

In addition to bettering society, it is also financially beneficial. The process of adjusting and defending litigated claims has the secondary impact (after case resolution) of identifying the causes of the losses AND how they can be avoided or minimized. This information is gold for risk management.

What about evaluating the insured's actions as part of the data mining process?

• Though avoiding them is the main goal, we all know claims will continue to occur. The insured's actions before and after the loss impact its defensibility. Gaining insight into those actions is another step in closing the risk management continuous process improvement loop.

• By capturing this information in a usable format, ClaimDeck contributes to the risk management efforts of the insured. When a future claim occurs, it will be as defensible as possible, thus reducing the loss.

ClaimDeck is cloud-based technology that offers this assistance. Don’t just close the file; extract the lessons learned and implement them to avoid future losses.

Those carriers that truly partner with their insureds to reduce claims and their severity will be the ones that succeed in the current battle between legacy carriers and insuretech carriers.

While the risk industry has made incredible efforts to deploy technology resources to improve customer acquisition and underwriting, they have not made an equivalent effort in connection with litigated claims. However, there are early adopters in this area.

A vast opportunity exists for enhanced customer service through collaboration between the carrier’s claims/customer service teams and the risk management teams of their insureds to close the risk management continuous process loop. Risk management insights are captured in the litigation process, and the insured is provided with these insights as part of the customer service relationship.