Milliman Datalytics-Defense ® employs powerful data mining algorithms to help companies detect patterns in attorney billing practices, allowing them to better understand their costs and develop more effective claims defense strategies.
Over the past few years, litigation costs have increased significantly faster than the actual losses paid to the injured party. As a result, companies are seeking insight into litigation bills and they are looking for effective cost-benefit analyses of their defense strategies.
Milliman Datalytics-Defense efficiently provides the enhanced granular data and the necessary tools for those critical insights. The platform incorporates powerful data-mining algorithms along with a robust data warehouse environment to provide clients with the tools necessary to better manage their defense costs and develop a best-practice approach towards claims management.
Milliman Datalytics-Defense uses a secure web-based interface that allows users to more efficiently process vendor invoices and to conduct audits, monitor workflows, and review key claims management reports in real time. The platform collects the fee and expense records electronically from the various vendors involved in the claims handling process, such as attorneys, expert witnesses, and court reporters.
The product is offered under the Software as a Service (SaaS) model, eliminating the need for IT staff to install and manage the software.
Milliman Datalytics-Defense also includes the following tools that differentiate it from other e-billing solutions on the market.
The highly configurable platform offers peer comparisons on any number of critical items in the management of a claim, including:
- Number of motions filed per case
- Success rate of motions
- Number of depositions per case
- Average cost of the depositions
- Percent of claims that close with an indemnity payment
- Compliance with various claims handling guidelines
Having access to actionable data in real time allows companies to better manage their most critical vendor relationships.
Predictive analytics for claims defense
Along with the deployment of powerful data-mining algorithms, the platform’s extremely granular and consistently stated data allow for robust analytics, providing clients the ability to identify claims defense best practices.
Once identified, these best practices can then be shared across the organization to improve this most critical function.
Please contact us to learn how Milliman can help you develop a better understanding of your claims defense strategies.