The LexisNexis® Property & Casualty Claims and Litigation Cost Containment Survey, released this month, reports that the leading cost management initiatives being pursued by claims executives are:
- Early case assessment and litigation prevention
- Reducing legal defense costs
- Vendor management
- Bill review systems
Litigation management spending on outside law firms is expected to remain steady among the majority (56 percent) of survey respondents, while 24 percent expect to increase and 20 percent expect to decrease their legal spend.
Early case assessment gained top ranking as an effective cost-control measure among 98 percent of respondents, followed closely by electronic billing (93 percent), staffing controls (93 percent), volume discounts (87 percent), and flat fee arrangements (85 percent).
Survey results are based on responses from 86 claims executives collected during June and July, 2015. Click on the link to read more about the LexisNexis Property & Casualty Claims and Litigation Cost Containment Survey.