What does the future of insurance claims litigation look like?
To complete the latest CaseGlide upgrades, we brainstormed about what insurance claims litigation might look like two years from now. What about five years from now? Ten years?
After discussing our thoughts with many industry leaders, we’re convinced insurers are on the brink of rapidly adopting new tools in the litigation department. Insurance executives will tell you they have no choice. Insurance company profits are decreasing as the landscape gets more competitive. Insurers are focused on reducing expenses so they can grow through competitive pricing.
Although insurance executives are focused on other departments, they usually discover that advancing the litigation department should be a top priority. The litigation department is the definition of low-hanging fruit: it is the least technologically advanced department in the company; however, it also has the highest paid personnel and vendors.
Executives eventually realize they they are giving away a healthy chunk of their potential profits to litigation. Defense lawyers, plaintiffs’ lawyers, and other costs are growing faster than the insurance company’s revenue.
Meanwhile, leading insurance companies have found ways to turn large chunks of former litigation expense into profit. Leading insurance company executives are giving their litigation department the green light to implement the tools that truly move the needle. Tools that have 10-15x return on investment. Tools that help insurers reduce case expenses more than 25%.
These leading companies see the litigation department as the fastest road to changing the bottom line. The executives quickly grasp the problems in the litigation department, and they use their vision to help advance it.
We created this presentation to help executives see that vision. In the presentation, we discuss the market and technology forces requiring insurers to use the litigation department as an opportunity to improve the company. In the live presentation, we also share CaseGlide’s latest features that enable insurers to pull this lever on their way to increased profitability. If you want to see the CaseGlide demo portion of the presentation that includes these enhanced features, please email us at [email protected]
Enjoy the presentation by clicking either of the screenshots above, and contact us if you want to see the full presentation or have any more questions or comments.