SOME COMMON CHARACTERISTICS AND CHALLENGES OF INSURANCE COMPANIES:
- Central hub for reporting and analysis. Insurers have a vast wealth of data from sources including policyholder information systems, claims management, relationship management, and contracts. Firms must keep consistent records while integrating information from a variety of sources, creating the analysis that supports strategic decisions.
- Process needs. Legal departments in insurance companies connect to many other business units and systems, from claims management to subrogation and investigations. Much insurance legal department work is repeatable, making solid process and best practices crucial to increase efficiency. Any technology used to automate legal processes must reflect those practices.
- Need for advanced litigation tools. Mitratech has developed special capabilities for insurers managing large amounts of claims litigation using a combination of staff and outside counsel:
- Automatic court deadline calculation powered by Aderant’s CompuLaw
- Integration with claims management solutions such as Guidewire
- Group-specific rights and privileges that enable seamless collaboration between claims adjusters and outside counsel
- Ability to track detailed time and costs related to a high volume of internally litigated matters
CNA Insurance first used Mitratech to help its staff counsel manage cases; over the past decade it has expanded the original Mitratech solution to encompass an end-to-end claims litigation management solution across 41 locations, 2,500 users, and multiple outside counsels. To learn more about how Mitratech helped CNA Insurance bring more matters in house, download the white paper “Moving Matters In-House: How Technology Enables Legal In-Sourcing.”
Contact us for more information on how Mitratech helps insurance companies around the world meet their legal and compliance goals.