Claims Litigation Management Technology Strategies
| Boston, MA, USA December 29, 2003|
In response to the focus on expenses, an increasing number of property/casualty carriers will look to tools that help them manage claims litigation costs.
The U.S. property and casualty industry spends over US$20 billion annually on defense and cost containment, and a significant portion of that expense is billed to the carriers by external law firms. New tools are emerging to help carriers better manage these costs.
"It has taken time for even basic litigation management tools like electronic invoicing to catch on,"
says senior analyst Craig Weber, author of Celent's latest report, . "But in the current environment, the opportunity to generate expense savings is too compelling to ignore."
Weber notes that only 12 to 15 percent of the top 50 U.S. carriers have claims litigation management systems, which suggests that this will be an area of significant growth over the next 12 to 24 months.
of Celent Communications' Property/Casualty Insurance research service can download the report electronically by clicking on the icon to the left. Non-members should contact firstname.lastname@example.org for more information.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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|Boston, MA, USA December 29, 2003|
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