Wolters Kluwer’s ELM Solutions today announced the release of Law Firm Smart Select functionality for its Passport Claims Defense solution. Passport Claims Defense, an e-billing and matter management software solution for Property & Casual insurers, their claims professionals, and staff counsel, now connects users with global legal billing data from the company’s LegalVIEW database. The new solution was unveiled at the company’s annual user conference, ELM17, in Orlando.
The company says LegalView is the “industry’s largest and most complete database”, which surpassed $100 billion in invoices in September. “This enables insurance claims and litigation professionals to analyze the industry’s largest set of benchmarks spend data alongside their own internal metrics to ensure they are assigning cases to law firms best suited to manage them at the most effective cost,” the company adds.
During the case assignment process, the Law Firm Smart Select functionality provides comparative data from LegalVIEW, allowing claims professionals to see how firms compare based on their own internal historical data and LegalVIEW industry benchmarking. The data available includes rate data, panel status, and past performance on litigated claims and enhances the efficiency of case assignment, helping claims professionals better manage large case loads.
“It is critical to the success of insurance claims professionals that we made this valuable information available to them through the Passport Claims Defense solution. More data and more transparency puts carriers in a better position to ensure their firms are aligned with their goals and expectations around legal costs and outcomes,” said Jonah Paransky, Executive Vice President and General Manager of Wolters Kluwer’s ELM Solutions in a press statement announcing the launch. “Legal professionals accessing LegalVIEW know they have an advantage others don’t as the database is an unmatched source of billing information in terms of size, granularity, and quality of the data within the industry.”
“Having real-time access to legal billing data from across the country provides claims organizations with a significant advantage when it comes to making better case assignments and to controlling legal costs,” said Taylor Smith, President of CLM Advisors. “Being able to decisively select the right firm for the right case benefits both the claims organization and the policyholder. Extending the relevance of their own billing metrics with this unparalleled industry data set will be a significant leap forward for so many claims organizations’ litigation metrics programs.”
Data-based decisioning, along with other emerging legal industry trends including cybersecurity and artificial intelligence will be among the topics discussed at the ELM17. More than 140 corporate legal and claims professionals are at this week’s event. Speakers include Tariq Abdullah, Senior Director of Legal Operations and Data & Analytics at Walmart; John McGann, Head of Litigation and Vendor Management at XL Catlin; and Tom Orrison, Director of Legal Procurement at Microsoft.
Wolters Kluwer’s ELM Solutions develops market-leading enterprise spend and matter management, analytics, and legal operations solutions for large corporate legal and insurance claims departments.