Legal Spend Management for Insurance Claims

Insurance companies deal with hundreds of law firms every year to settle claims, resulting in tens of thousands of paper invoices. Ensuring that negotiated time keeper rates and billing guidelines are followed on every bill is virtually impossible and requires significant resources. As the number of claims increases, insurance companies need a scalable solution for managing legal invoices to help contain operations and litigation costs.

Legal eXchange™, Bottomline's Legal Spend Management solution, is a proactive and effective money saving tool comprised of e-billing, budgeting, and reporting capabilities. E-billing automates the review of each invoice line item, flagging items that violate negotiated billing guidelines with outside counsel. A powerful rules engine saves claims Legal Spend Management - Strategic Planning and Analysis

departments thousands of hours usually spent culling through invoices line by line. Budgeting tools help streamline the budgeting process, allowing claims departments to set spending expectations up front with outside counsel and the finance department. Integrated reporting provides key information associated with outside legal spend, providing data that can be used for making more informed, proactive business decisions.

Other key benefits of Legal eXchange include:

Real-time spend-to-date reports for managing firm activities

Proactive alerts on potential overruns to re-set strategy as needed

Real-time activity spending reports by summary, phase or task

Ability to build budgets based on dollars, hours or timekeepers

Comprehensive document and communication hub with access to supporting documents, such as expense receipts.

Many Legal eXchange customers see a savings of up to 10% on outside counsel spend in the first year alone. These savings come from the consistent application of billing rules, the negotiation of prompt payment discounts with law firms and improvements in departmental efficiency.

More than 5,300 law firms use Legal eXchange on a daily basis to submit electronic invoices to corporate legal and insurance claims department clients. Request our list of law firm users.