Digitization’s Applications in Insurance Claims Work
* Lawyers help clients in negotiating trillions of dollars in coverage, and, when a coverage case is presented, can help obtain billions of dollars in contested recoveries.
* In insurance law, cases settle with a direct or negotiated payout, based on the presentation of the claim, proof of coverage, and a basic determination of fact. At times, however, both the insurance company and the insured undergo lengthy and complex litigation, arbitration, and negotiation processes.
In today’s digital age, it might be that the side with the fastest information wins. This means that working with an expert can help settle a case to their sides’ advantage. Companies facing high numbers of insurance claims or class action cases, such as multiple claims torts, often want to settle quickly, before the cases become public knowledge. In doing so, they seek to protect their reputation and business trade secrets, and are also better able to manage their own ongoing insurance costs – which can outpace actual litigation costs.