Risk, insurance and claims management solution builder Ventiv Technology has released its new legal management solution.
Ventiv ELM can be used as a standalone product or as part of Ventiv Claims, the core claims-administration solution.
The new service will give legal departments total visibility of legal matters, while claims administrators can leverage the solution to link all legal matters to corresponding claims. This will let claim adjusters and attorneys can access all of the relevant information instantly as the information already being shared through the single solution.
To maintain data privacy compliance, the platform works on access-level permissions which are established by customers.
Currently, the new service is being applied by a Ventiv Claims customer who is deploying it to 1,800 attorneys. The customer will be able to manage all legal matters in a single system and manage all components, including legal events, legal parties, attorneys and legal calendaring.
Additionally, Ventiv ELM will empower the company to manage and track its data to support its growth and operations.
Some of the other tools offered by the Ventiv ELM solution include legal budget and legal invoicing tools which helps businesses track and manage their legal spend, fee reductions and payment amounts.
A discovery feature lets users track and define workflow depositions, subpoenas, and other legal discoveries. The platform is all backed by real-time data availability.
Ventiv Technology vice president Stephen Thomas said, “An integrated Ventiv ELM and Ventiv Claims solution is ideal for TPAs, insurers and self-insured organizations with in-house legal departments. Ventiv ELM promotes substantial cost savings by, among other things, improving information availability for budgets and invoices.
“Ventiv ELM empowers organizations to improve financial and spend management. When integrated with Ventiv Claims, customers enjoy real-time data availability between claims administration and legal teams, which improves awareness and decision-making.”
