21st century cost tracking solutions for complex litigation
DESCRIPTION
21st Century Cost Tracking Solutions For Complex Litigation with Vendor Cost Control - http://www.jdidata.com/vendor-cost-control/TRANSCRIPT
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21ST CENTURY COST TRACKING
SOLUTIONS FOR COMPLEX LITIGATION
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We all know how COMPLEX, EXPENSIVE, and UNWIELDY costs and the tracking of costs can be!
In this presentation we will go over the tools you need to:
• Track, Monitor, and Allocate Costs In Complex Litigation Efficiently
• Reduce Cycle Time
• Maximize Technology Enhancements & Change Parameters with Real-time Allocations
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SAVING COSTS AND AVOIDING HUMAN
ERROR
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HOW TO TRACK, MONITOR, AND ALLOCATE COSTS IN COMPLEX
LITIGATION
VS
OLDNEW
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TRACK and ALLOCATE costs to numerous parties in a lawsuit!
Be Able to INSTANTLY factor in: Tender Dates Cessation Dates Exhaustion Dates Self-Insured Retentions Percentage Allocation Settlements
COST ADMINISTRATION SOFTWARE
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CASE STUDYConstruction Defect Client Insured by Liberty Mutual
Goals: - Create a clearing house where all invoices were submitted tracked and coded into the appropriate categories to litigate costs effectively.
- Allow client to create budgets for different categories and forecast costs.
Results:- OVER $900,000 reconciled in out of pocket payments that was never submitted into the allocation to the responsible parties.
-Eliminated the paper shuffl e and human error costs with real time reports.
DUE DILIGENCE
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INCORPORATING OLD INTO THE NEW
As the saying goes ‘old habits die hard’ so make your software work for you!Invoices for fees & cost can be
submitted in the format that works best for you.
Including:• Mailed Paper Invoices• PDF Documents• Email• LEDES format
Take out the data entry methods and upload the invoices directly into the portal which minimizes work effort and maximizes the involvement of computerized document tracking and review systems using modern technology.
OR
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Track and reduce costs in the future with the predictive coding method.Removes the “eyes on every document” approachAutomates the process to reduce human error costs
Predictive coding groups and organizes potentially relevant documents in a way that permits human
reviewers to maximize their review time and look at potentially related matters together.
PREDICTIVE CODING METHOD
“Train” the computer program!• Reduces the amount of non
relevant documents to be reviewed
• Saves Time• Saves Cost• Enhances Control
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CYCLE TIME REDUCTION
METHODS
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Expert
Attorney
Accounting Department
With multiple carries involved in the litigation each carriers receives a separate invoice for a %
of the original face amount.
This process can take weeks, if not months!
Result: Unhappy expert, frustrated attorney, and frustrated claim handler!
Invoices Mailed
Old Workflow Process
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New Workflow Process
System sends an email directly to attorney with invoice copy for approval
Invoices are uploaded
directly to the cost
administration portal
Attorney logs in to secured cost administration portal to approve or reject the invoice with
specific comments advising of the rejection. NO invoices are paid unless attorney approves the
invoice!Once approved INSTANT receipt and IMMEDIATE
allocation!
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TECHNOLOGY ENHANCEMENTS
AROUND REAL TIME DATA AND END TO
END SOLUTIONS
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HOW WE’VE EVOLVED!
Desktop
Laptop Mobile Apps
Tablets
Advanced Internet Security
Advantages:Multiple Year StrategyMobile PlatformsWeb Secured PortalsReal-time Information
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DOCUMENT MANAGEMENT SOLUTIONS
The cost of preserving and storing documents are significant!
Creating a powerful, adaptable, smart, and secure e-document system is essential to cutting time and costs!
Wondering how you achieve
that?
• Paperless
• Searchable
• Email Integration
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INSTANT COMMUNICATION
and now
• Instant Alerts• Notifications• Portal to Personal
Calendar• Shared Online
Reports
• Emails• Diary Notes
Calendar Appointments and Notifications
OLD
to
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CONTACT US
About JDi Data Corporation
We innovate and empower. For 30 years, JDi Data Corporation has innovated software development. As a proven leading technology solution provider and developer, we specialize in standard and customized insurance management software solutions that streamline your work processes.
We pride ourselves on listening to what you say, and responding with some of the top products available in the market. Our integrated software delivers accuracy, claims audit solutions, and improves workforce.
Our Mission Our mission is to actively pursue and innovate intuitive solutions with creativity and a passion to exceed expectations. We do that by listening to your needs and responding with comprehensive software that fits and improves how you do business.
http://www.jdidata.com954-938-9100