This Forbes article on what will actually disrupt the legal industry is pretty much what we at LexTech are doing. Once upon a time a client complained to their lawyers about their very high insurance premium and the excess that effectively made them self insured for most claims. The client obviously wanted to reduce their insurance cost and reduce the amount of claims. Nobody was enabling them, not insurance brokers, insurers, loss adjusters, lawyers, lobby groups or government. They wanted prevention rather than cure. The lawyers fully understood their dilemma but delivering a reactive solution could never match their preventative need. So we called in our colleagues in legal technology company, LexTech to have a look. What the guys in LexTech figured quickly was the client was operating off incomplete, inaccurate, delayed handwritten incident reports, which were transposed onto spreadsheets and updated by a single employee. 3 pages of incomplete information was all they had to rely on. The key question our LexTech guys asked was how can I reduce the volume of claims or reduce the payouts if I have no idea why the incidents are happening in the first place and how the company is reacting to those claims? The ‘lexperts’ in LexTech recognised that business intelligence was the key to preventing, reducing and mitigating claims. It follows that business intelligence is only possible from layers of structured data. Structured data can only be meaningfully accumulated through digitisation. LexTech then designed and built a platform and app whereby the entire claims reporting function was digitised, then came the structured data and then the visualised data rich business intelligence. The client has transformed this side of their business. Everyone has bought in. The solution is simple to use and the layers of data are coming in. No more insurance declines of cover because of late notification. No more time spent wasted on chasing incomplete incident reports. Now all multi media, including audio, audio visual, location pins, cctv links are included in the report. The key deliverables of all LexTech client centric legal technology solutions are: cost reduction, increased efficiency and risk minimisation. We have enabled a client to get control and to gain a competitive advantage.
Learn more about LexTech by visiting us at www.lextech.ie
The Myth of Legal Tech’s Magic Bullet The tech craze has spawned a widespread legal industry misconception that it’s just a matter of time until the silver bullet tech tool “disrupts” legal delivery. Spoiler alert: technology alone will not disrupt legal services. Technology is a catalyst for legal delivery transformation and a foundational element for new delivery models, but a tech tool alone will not disrupt the industry. What will? New delivery models that are customer-centric, agile, align providers with the clients/customers they serve, leverage data, invest in (re)training their workforce on an ongoing basis, meld tech with human resources to optimize performance, and derive profit from performance and customer satisfaction, not hours billed.Technology is a means, not an end, for providers that fit this profile.