How Today’s Risk Managers Are Leveraging Analytics to “Do More with Less”
August 11, 2021
Risk management teams today are challenged with growing pressure to close claims faster, with fewer resources. Today’s risk managers need a simple way to manage claims and control costs and actionable analytics are stepping up to meet that need.
There are many benefits to leveraging analytics as part of the claims management process. In addition to establishing a better understanding of how the budget is spent, analytics can set expectations for variations in costs by geography, law firm and more. Combined, these insights can be used to establish predictability in spending patterns and empower risk managers to be the best stewards of their company’s financial resources.
Through benchmarks and analytics that span lines of business such as auto liability, workers’ compensation, general liability claims and more, risk managers can:
Gain visibility into litigated claims through custom reporting
Identify the best performing law firms
Improve legal billing compliance and cost control
Focus claims performance on higher value work
Enable better law firm relationships
It is worth emphasizing that the real power of analytics is realized through the combination of people + technology. Expert insights combined with data establishes the context to make better, faster decisions.