Marantz

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Litigation Vendor Management

Claims vendor management is more than negotiating rates. Without the implementation of clear guidelines and accountability, the risk of substandard vendor performance, slowed disposition and increased payout could ultimately mean regulatory penalties and lost customers. The key to successfully managing these relationships include:
insurance claims software/solutions
The establishment a preferred vendor program
Clearly identifying rates, budgets and performance expectations.
Electronically sending and tracking all documents and correspondence.
Monitoring compliance, performance and financial results.
Identifying trends, outliers and early settlement opportunities.
Litigation claims management attracts the most attention as the largest expense item in the claims budget. Insurers who solely focus on invoice reduction and not performance run the risk of alienating their defense counsel, with no effect on file disposition or settlement amount. The longer a claim file remains open, the greater the payout. Laser focus on identifying backlogs, reducing disposition times and judicious closure is the answer to reducing both loss and expense ratios.
Claims executives need a 360* overview of every open file in litigation with the ability to track by policy type, coverage, budget, reserve and phase. This allows insurers to quickly identify and respond to files stalled at various phases in the claims funnel, and push them forward while they can do something about it-not long after the files have closed. The shorter the life of the claims file, the lower the litigation expense. “Average time to closure” and “average time by phase” are more useful metrics, than traditional “fees as a percentage of total cost” or hourly rates.
FileIns provides valuable insight for insurance claims handlers to align measurable business objectives with vendor performance. It delivers a powerful multi-language Vendor Management tool that gives insurers the ability to accomplish all of the above and much more. Self-administered, role based access for all claims handlers (internal and external defense counsel, internal and independent adjusters, reinsurers, subscription partners and risk managers) improves efficiency and reduces costs.
Robust, drillable reporting functionality allows insurers to review the performance against established criteria and identify trends and outliers. Similar programs attempt elements of what FileIns does, but none combines all features and functionality in a single system. It's a useful tool that promises to get more done, more efficiently, at a lower cost, and in less time.