Measuring the Digital Maturity of the relationship between the Insurer and their Legal Panel
Insurers are always looking to use technology to improve their processes to drive down costs and to reduce the length of case life cycles. Increasing the digital maturity of the relationship between the law firm and the insurer means a drive towards greater visibility and transparency in the information that is provided by the law firms to the insurers.
Questions for the Insurance Firm to Ask and Assess – Score your answers from 1-5 with 1 being the worst and 5 being best.
- What visibility of data do you get from your law firms; how often do they provide you with information on activity and costs incurred? E.g. 2
- What is the quality of the data you receive? E.g. 3
- Do you ensure that the Service Level Agreements are complied with? E.g. 1
- How efficient do you think your audit process is on your law firms for detecting the problems and inefficiencies of your law firms? E.g. 2
- Are you alerted by the law firm on overruns to the incurred time costs and disbursements? E.g. 4
- Do you have a reliable way to monitor law firm inactivity? E.g.5
- How effectively are you able to compare the average case lifecycles over time of cases across your law firms for the same type of work? E.g. 3
- Do you collect regular data on claimant costs? E.g. 5
LHQ is a market changing and innovative software solution that will have a dramatic impact on your ability to manage legal spend and significantly change how you will interact and manage your legal panel. By using LHQ, you will have visibility of all your legal cases and drive operational efficiency through your own claims department and panel of solicitors resulting in expense savings in terms of your own handling costs and spend on legal costs.
Though visibility of actions at case level and expenditure, you can interact much closer with your legal team, taking positive actions to reduce claims life cycles and in turn reduce legal spend. If you would like us to produce for you, your personalised Digital Maturity Matrix, or you would like more information on LHQ, then contact us on 0203 637 1950 or make an online enquiry here.