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November 4, 2024
Anyone who’s ever been involved in a legal action knows that attorney fees can add up fast. And for some businesses, legal spend has risen nearly 30% in just one year’s time.
Approximately 47% of that spend goes directly to outside counsel costs, so it’s crucial to be able to closely monitor and manage these external fees. That’s certainly true for insurers, who may rely heavily on outside legal representation to support everything from their obligation to abide by duty to defend clauses, to providing advice about state-by-state compliance requirements.
For Swyfft, a leader in the personal and commerical property insurance industry, as a Managing General Agent (MGA) for multiple carriers, the priority for external counsel administration revolved around improving litigation management workflow and costs by more efficiently evaluating law firms’ casework and reviewing their legal spend.
Swyfft was looking for better options for capturing information such as legal expenditures that were noncompliant with their guidelines. In addition they wanted to accelerate workflows with more automation while ensuring greater accountability from their firms. As an example, freeing up adjusters to focus on reviewing claims instead of spending time scrutinizing legal billing.
Lacking a way to fine-tune and improve their litigation management processes made it difficult to have a fully transparent view into data and costs. For example, without the right data,it can be difficult for any organization to select the right firm to not only defend their policyholders' claims but to collaborate with counsel on every aspect of the legal case.
Swyfft has built a strong and efficient roster of attorneys and law firms that continually deliver the best results for their customers. That’s just one of the benefits Swyfft has seen since it began using DXC Assure Legal, an end-to-end litigation management solution that uses AI to automate processes for guideline compliance. Utilizing DXC Assure Legal ultimately enables insurers to lower claims costs and legal expenses and helps accelerate invoice reviews.
DXC Assure Legal Insights offers greater visibility and increased control over legal spending by combining data into a single interface. Users can monitor, benchmark and compare claims litigation data to industry peers via dashboards, and access empirical data to help improve litigation outcomes. DXC continues to add more automation and AI into the software suite for both bill review and compliance analysis.
For Swyfft, use of these solutions led to a sharp reduction in litigation management costs. “That in and of itself sells the system. It’s paying for itself at least twice over,” says Beth Christian, director of casualty and litigation at Swyfft.
Swyfft now relies on DXC as a trusted advisor to bring new solutions to further improve their business processes.
DXC brought to its work with Swyfft more than 40 years of insurance industry experience. We have a vast repository of knowledge on industry issues gained from our extensive user base of some 2,000 insurance customers and the DXC Connect Insurance Community.
The work we have done with Swyfft — helping the organization quickly and accurately analyze data to better understand legal costs, assess risks, and conduct litigation management — is an example of how DXC supports our customers’ goals to drive efficiency and success with solutions that draw upon cutting-edge technology, such as AI and our industry-specific expertise.