Legal eXchange Delivers Gains in Matter Analysis
Bottomline increases adoption of its Legal Spend Management solution at the nation’s largest insurance companies.
BEST’S REVIEW: What functionality does Legal eXchange provide for legal expense management?
KAREN FETTIG: Legal eXchange provides significant functionality for supporting a comprehensive legal spend management program, including the receipt of electronic and paper invoices, automated validation of billing guidelines, and advanced data tracking for reporting. The collaborative aspects of our solution help to support adherence to case handling plans and milestones that insurance carriers and outside counsel agree to, and provides an opportunity for enhanced communication through case-based notes. With our latest release, we’ve introduced a sophisticated invoice review tool called Legal eXchange Explorer that allows clients to conduct more in-depth invoice analysis.
BR: What makes Legal eXchange particularly attractive to insurance companies?
FETTIG: Some of the nation’s largest property and casualty insurers use Legal eXchange. I think what makes the solution attractive—beyond product functionality—is our on-staff expertise and the different forums we provide to share best practices. The Bottomline team is made up of attorneys and others who have expertise in various areas of litigation as well as legal bill auditing and in supporting a claims organization.
We also possess the technical expertise required to interface between the claims system and Legal eXchange, thereby ensuring the integrity of data. With no manual entry to create disparity, users can match legal spend data with other claims-related data with confidence.
The scalability and configurability of Legal eXchange is an additional value add to insurance companies. Every property and casualty insurer has unique processes and business units, so solutions need to offer a high degree of flexibility to various groups across the business.
BR: What trends are you seeing in the use of a legal spend management solution?
FETTIG: It’s becoming increasingly common to find carriers having claims adjusters reviewing invoices for specific legal spend trends or adherence to guidelines, while a centralized bill review unit performs its own review for billing guideline noncompliance. From a technology perspective, supporting this approach requires scalable and flexible solutions. Carriers also are eager to view invoices within a larger data set, so that they can see different types of trends and activities, and determine how they relate to one another.
With a tool such as Legal eXchange Explorer, users can look at invoices over the life of a matter, which can help a reviewer not only manage costs better, but also manage a case to a more efficient conclusion.
External stakeholders seeking visibility into legal spend management applications and programs also is an emerging trend. An application like Legal eXchange can accommodate an insured—it might be a large commercial insured who wants visibility into the data, invoice processing, and workflow through its flexible security roles. Flexible security access is critical in today’s business environment. There has to be a segregation of data with security around data visibility and actions allowed.
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