Wolters Kluwer’s ELM Solutions Connects Insurance Claims Professionals

Global News

15
Nov
2017

Editor

Wolters Kluwer’s ELM Solutions today announced the release of Law Firm Smart Select functionality for its Passport® Claims Defense solution at ELM17, the firm’s third annual user conference being held in Orlando, Florida. Wolters Kluwer’s ELM Solutions develops market-leading enterprise spend and matter management, analytics, and legal operations solutions for large corporate legal and insurance claims departments.

Passport Claims Defense is an e-billing and matter management software solution for Property & Casual insurers, their claims professionals, and staff counsel, and it now connects users with global legal billing data from the company’s LegalVIEW® database.

Notably, the industry’s largest and most complete database surpassed $100 billion in invoices in September. “This enables insurance claims and litigation professionals to analyze the industry’s largest set of benchmarks spend data alongside their own internal metrics to ensure they are assigning cases to law firms best suited to manage them at the most effective cost,” the company said in a statement. 

During the case assignment process, the Law Firm Smart Select functionality provides comparative data from LegalVIEW, allowing claims professionals to see how firms compare based on their own internal historical data and LegalVIEW industry benchmarking. The data available includes rate data, panel status, and past performance on litigated claims and enhances the efficiency of case assignment, helping claims professionals better manage large case load. 

“Having real-time access to legal billing data from across the country provides claims organizations with a significant advantage when it comes to making better case assignments and to controlling legal costs,” said Taylor Smith, President of CLM Advisors. “Being able to decisively select the right firm for the right case benefits both the claims organization and the policyholder. Extending the relevance of their own billing metrics with this unparalleled industry data set will be a significant leap forward for so many claims organizations’ litigation metrics programs.”

“It is critical to the success of insurance claims professionals that we made this valuable information available to them through the Passport Claims Defense solution. More data and more transparency puts carriers in a better position to ensure their firms are aligned with their goals and expectations around legal costs and outcomes,” said Jonah Paransky, Executive Vice President and General Manager of Wolters Kluwer’s ELM Solutions. “Legal professionals accessing LegalVIEW know they have an advantage others don’t as the database is an unmatched source of billing information in terms of size, granularity, and quality of the data within the industry.”

Data-based decisioning, along with other emerging legal industry trends including cybersecurity and artificial intelligence will be among the topics discussed at the ELM17. More than 140 corporate legal and claims professionals are at this week’s event, which takes place Nov. 14-16 at the Four Seasons Resort at Walt Disney World. Speakers include Tariq Abdullah, Senior Director of Legal Operations and Data & Analytics at Walmart; John McGann, Head of Litigation and Vendor Management at XL Catlin; and Tom Orrison, Director of Legal Procurement at Microsoft.

It’s been a busy few months for Wolters Kluwer’s ELM Solutions. In September the company announced the release of its new Cybersecurity Risk Assessment application. The application enables Legal, Information Technology and Security departments worldwide to automate on-line risk assessments with their law firm partners using a collaborative and secure environment for assessment survey execution and collection.

ELM Solutions’ Cybersecurity application offers Corporate Legal Departments, in conjunction with their Information Technology department, the ability to automate oversight of law firm partner performance against their organization’s cybersecurity policies. The Cybersecurity application helps them accomplish this using on-line risk assessments, analysis tools and reporting dashboards. All of this provides an organization with faster, easier and greater visibility into law firm partners’ IT security practices and compliance with corporate guidelines.

And the company also recently launched a new Legal Service Request application for its Passport® Enterprise Legal Management platform.

The new offering helps corporate legal departments easily manage and monitor the internal legal service requests they receive from across their organization. ELM Solutions provides enterprise software solutions that facilitate workflow and collaboration across the legal community. 

Managing thousands of internal annual legal service requests takes time and resources, and when managed poorly, can lead to missed requests and frustrated colleagues. Using spreadsheets, email, and SharePoint often does not provide required tracking, control, and accountability.

Passport Legal Service Request addresses these challenges by providing a central point for intake and storage of all service requests, along with related documentation, and helps resolve requests in a timely manner. “The solution increases efficiency and cost effectiveness of legal department operations by expediting request submission, assignment, and reporting,” the company noted in a statement at the time. “It also provides internal requesters a consistent method for requesting services and tracking status so they can focus on their work without the need to chase down outstanding requests. The new launch also utilizes Passport’s workflow and automated notifications to enhance collaboration and improve communication between legal staff and internal stakeholders.”

Wolters Kluwer’s ELM Solutions is part of the Governance, Risk & Compliance (GRC) division of Wolters Kluwer. Wolters Kluwer GRC provides legal, finance, risk and compliance professionals and small business owners “with a broad spectrum of solutions, services and expertise needed to help manage a myriad governance, risk and compliance needs in dynamic markets and regulatory environments.”