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Insurance teams keep costs down by early case assessment
US legal teams working in the property and casualty (P&C) area are turning to early case assessment as the main technique in keeping costs down, followed by electronic billing and staff controls and plans.
The survey suggests legal and claims departments are focused on the total cost of a matter, rather than just settlement costs or just legal costs Dusit
LexisNexis has surveyed 86 P&C claims and law departments. It found that early case assessment was used by 76 per cent, electronic billing by 65 per cent and staff controls and plans by 60 per cent. Also used by 60 per cent are flat fee arrangements. Third party bill review is employed by 51 per cent, while rate freezes (48 per cent) were slightly less popular but still ahead of volume discounts (44 per cent).
Effectiveness
Early case assessment is seen as being effective by 98 per cent of respondents. E-blling and staff controls and plans come second, rated as effective by 93 per cent. Source: LexisNexis
