Litigation Management Technology: The Solution to Enhanced Efficiency and Training in Litigation Management
By Dwayne Hermes
The landscape of litigation management continues to face significant challenges that demand novel solutions. The 2023 CLM Litigation Management Study, which was carried out by Suite 200 Solutions, revealed that 87% of participants believe that a majority of litigated claims settle "later in the process than is necessary."
Furthermore, 96% of respondents agreed that successful case resolution was primarily due to efficient processes within their firms or teachable skills. These findings amplify the need for innovative technologies to facilitate efficient processes, predictive analytics, and professional training, leading to a paradigm shift in litigation management.
Bridging the Gap: From Process to Efficiency
Litigation management technology can be used to address the industry’s pain points. As a market leading example of litigation management technology, ClaimDeck has a unique approach, revolutionizing litigation management through technology-driven processes, predictive analytics, and skill training. This technology aligns with the findings of the CLM study, creating an environment where litigated claims can settle at the optimal time, rather than later in the process.
Litigation Management Technology: Driving Efficiency and Training in Litigation Management
ClaimDeck harnesses the power of three key analytical frameworks: the Silver Bullet, Apples to Apples, and Right Thing at the Right Time. Collectively, these frameworks offer solutions directly targeted at the challenges underscored in the CLM study.
1. The Silver Bullet
The Silver Bullet provides a predictive analysis framework, enabling users to forecast key case metrics with minimal initial data, thereby refining these predictions as more information becomes available. This approach is consistent with the CLM study findings that emphasize efficient processes as a critical factor in successful case closure. It addresses the problem of late settlement by providing early insights, leading to efficient decision-making and the potential for early resolution. The Silver Bullet's predictive power allows legal professionals to shift from a reactive approach to a proactive, data-driven strategy, enhancing both efficiency and effectiveness.
2. Apples to Apples (Return on Investment)
The Apples to Apples framework echoes the CLM study's finding that better case closure rates are due to teachable skills. By facilitating granular analysis and comparison of workflows within the litigation process, the Apples to Apples framework enables continuous learning and skill improvement for litigation professionals. It accurately measures the efficiency and effectiveness of different workflows and participants, providing teachable insights that can help attorneys and adjusters improve their practice. These continuous analytics feedback into training, helping professionals learn, adapt, and excel in their roles, therefore enhancing their ability to close cases more efficiently.
3. Right Thing at the Right Time
Emphasizing the power of predictive analytics, the Right Thing at the Right Time framework offers real-time guidance derived from the handling history of past cases. This model aligns perfectly with the industry's call for efficient processes and skill training by providing direction on the most efficient case handling path. By identifying high-risk cases, it ensures that senior resources can devote their attention where it's needed most, thus improving efficiency and training junior team members.
The Power of Communication with Litigation Management Technology
The innovative communication framework of ClaimDeck is central to its offering. By creating a shared, web-based workspace, it enables real-time, transparent access to information for all stakeholders. The platform allows for real-time skill training and knowledge transfer, supporting the finding that teachable skills play a significant role in efficient case closure.
Transforming the Future of Litigation Management
Litigation management technology emerges as an effective solution to the key challenges highlighted in the 2023 CLM Litigation Management Study. Its analytical frameworks not only facilitate efficient processes but also promote continuous learning and skill improvement for legal and claims professionals. By integrating these features, litigation management technology is transforming the future of litigation management, promising a world where litigation becomes more efficient, less costly, and ultimately, more effective.
ClaimDeck™ eliminates claims litigation leakage for carriers while driving process into the law firm, modernizing the litigation process.
Contact Dwayne at dwayne@claim-deck.com.
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