Litigation expense costs account for the largest portion of overall claims expenses. If not effectively managed, these costs will cut into the profitability of your book of business.
After years of reviewing the litigation management practices of public entities, risk pools, insurers, and reinsurers there are three commonalities that all successful programs possess.
- Panel Counsel
- Foster relationships with attorneys who specialize in your area of business
- Litigation Management Guidelines
- Negotiate rates by level of experience
- Billing guidelines
- Timeframes for initial case evaluations, budgets, & status reports
- Data Driven Decisions
- Evaluate results & the cost to obtain those results
If you need assistance in evaluating your current litigation management program, developing comprehensive litigation management guidelines, or providing litigation management training to your claims staff, consider contacting Praxis to assist!