How Legal Technology Could Be Leveraged By Insurance Sector

Published on 16 May 2020 by Akshat

 India's policy of insuring the uninsured has gradually pushed insurance penetration in the country and proliferation of insurance schemes. Overall insurance penetration (premiums as per cent of GDP) in India reached 3.69 per cent in 2017 from 2.71 per cent in 2001. Private sector insurers saw a 17 per cent growth in premium collection, the state-owned non-life insurers registered a nine per cent growth in the same period. The market share of private sector companies in the non-life insurance market rose from 13.12 per cent in FY03 to 55.70 per cent in FY20 (up to April 2019).

Despite the growth witnessed, insurance still remains one of the most strictly regulated industries specifically by the apex body IRDA. Along with compliances, low to medium ticket size litigation remains one of the major challenges of the space. One of the biggest factors contributing to increasing case volumes are litigations against the insurance carrier over its failure to pay claims. Remembering every detail or depending on core claims management systems and maintaining a traditional calendar for the thin-timed legal work is unreliable and tedious. The assessment of related claims, matters and contingent liability tracking against each matter is of paramount importance. Ergo, the need of an enterprise grade technology solution is essential.

Post gathering insights into a legal department's responsibilities in the insurance domain, Legistify has conceptualized and designed an avant garage enterprise legal management solution. The tool covers key areas essential for an effective functioning of the entire department including analytics, automated litigation tracking, powerful reports, claims management to name a few.

Here is a brief list of some of the key modules in our legal ERP solution LegisTrak-

Insurance being one of the more peculiar industries that could make use of access to subject matter experts and meaningful technology to increase efficiency and reduce cost burdens. Legistify is committed to providing a 360 degree solution to take care of your entire legal portfolio and protect your organisation’s business interests.
 

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