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CT TyMetrix Announces Results and Availability of 'Cost Control in the Management of Litigated Claims' Research Report

Posted on: Monday, 21 September 2009, 09:00 CDT

HARTFORD, Conn., Sept. 21 /PRNewswire/ -- CT TyMetrix, the premier provider of Web-based legal management solutions for corporate law departments and claims organizations, today announced the results and availability of its "Cost Control in the Management of Litigated Claims" research report. In today's down economy and competitive business environment, insurance companies are facing new levels of pressure to control costs -- especially in terms of litigated claims expenses. CT TyMetrix commissioned research to better understand and analyze the impact of these cost-control measures and to identify directional benchmarks and best practices to help insurance companies assess and streamline their operations.

As insurance companies see the number of claims going to litigation continue to rise, the management of these claims costs is becoming increasingly critical. According to the survey, 87 percent of respondents said they were experiencing significant or moderate cost control pressure on their claims departments. Additionally, most expected claims volume to increase in the next 12 months. The CT TyMetrix report delves into these trends, including the likelihood of litigation by line of business, successful outcomes in litigation claims by line of business and a 12-month forecast of litigated claims frequency and cost. Survey responses of particular interest include:

• Product liability and construction defect were the types of claims most likely to be litigated; personal and commercial auto, workers compensation and subrogation were the least likely.
• Areas of litigated claims most likely to achieve successful outcomes included breach of contract, subrogation and personal auto; product liability and workers compensation were the least likely.
• Employment, construction defect, commercial auto and breach of contract expected claims volume to increase in the next 12 months; workers compensation, construction defect and personal auto expected it to decrease.
  

CT TyMetrix also surveyed respondents on different strategies and technologies for claims organizations to adopt to better manage and cope with rising cost-control pressures for claims. They included:

• Deploying Predictive Analytics Solutions: Fifty-seven percent of respondents said using predictive analytics for assigning resources and controlling costs had a significant impact on their organizations. Predictive analytics empower claims organizations to decide on the cases that are best for litigation and the ones that are best for settlement, improving the rate of successful overall outcomes.
• Forecasting Future Litigated Claims Expenses: Three in four respondents cited the ability to forecast future litigated claims as an area of focus for their organizations in the next 12 months.
• Implementing Alternative- or Fixed-Fee Arrangements: Only one in four respondents said that alternative--or fixed-fee arrangements--would be of significant value in the next 12 months. Most said they are not likely to become immediate tools to control litigated claims costs.
• Improving Workflow Processes with Outside Counsel: While most respondents were highly satisfied with their workflow processes with outside counsel, three in four respondents said there was a significant desire to continuously improve these processes moving forward.
  

"Having been the first company to introduce and implement e-billing solutions for litigated claims expense management, CT TyMetrix is deeply immersed in the insurance industry and has been for more than 15 years," said Faiz Ahmed, vice president of insurance, CT TyMetrix. "The results of this survey confirm the importance insurance organizations place on managing litigation properly. In the next 12 months, these organizations have a chance to strategically deal with cost containment, all while gaining competitive advantage, improving claims outcomes and significantly impacting the bottom line. In many cases, the way an insurance carrier copes with these challenges in the current business environment could mean business success or failure."

The survey was conducted between May 2009 and June 2009 and reached 98 respondents representing 90 separate insurance organizations. You can request a copy of the entire report by going to www.cttymetrix.com and clicking on the research report's link at the bottom of the home page.

About CT TyMetrix

CT TyMetrix, part of CT, is the market leader in Web-based legal management solutions for corporate law departments and claims organizations. It provides clients with quality legal management software - including e-billing, matter management and performance metrics - and the expertise required to reduce costs, improve results and gain the insight required to meet their strategic objectives. CT TyMetrix is based in Hartford, Conn., with business operations in Chicago and London. For more information, please visit www.cttymetrix.com, www.cttymetrix.co.uk or cttymetrix.blogspot.com.

CT, a Wolters Kluwer business, provides the tools to help legal and financial professionals manage risk on many levels. From managing corporate compliance to legal department performance, trademark protection to matter management and electronic data discovery to preparing cases for litigation, CT has the right solution to meet a host of needs. CT is based in New York. For more information, please visit www.ctlegalsolutions.com.

About Wolters Kluwer

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer had 2008 annual revenues of euro 3.4 billion, employs approximately 20,000 people worldwide and maintains operations in over 35 countries across Europe, North America, Asia Pacific and Latin America. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Visit www.wolterskluwer.com for information about our market positions, customers, brands and organization.

SOURCE CT TyMetrix

Source: PR Newswire

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