The Injury Claims Industry Highlights How We Can Use Big Data For Law
Big data for law firms has changed how the legal industry operates. A prime example of this is the personal claims industry.
The field of litigation has undergone tremendous changes over the years. Advances in technology have played a major role. Big data for law is one of the most influential changes.
The American Bar Association and National Law Journal have both highlighted some of the ways that big data is changing the future of the profession. In their article The Practice of Law in the Era of ‘Big Data‘ with the National Law Journal, Nolan M. Goldberg and Micah W. Miller state that the new technology has shifted the time and mental resources legal professionals use from managing large volumes of data to finding practical applications for it.
However, there are also implications with big data, especially in contentious fields such as personal injury tort law. The American Bar Association points out that lawyers need to manage it carefully.
Personal injuries have been transformed into an industry lately as many insurance companies are trying to understand how to streamline the procedures related to the large number of cases they need to handle every day. Thanks to technology, these companies can now benefit from real help from big data which will help organize, prioritize, and improve their workflow and subsequently settle cases faster.
When did big data find its way in the personal injury claims industry?
Big data has been around for a while now and so has the personal injury industry, so it was only a matter of time until insurers and law firms started using all the data they had to improve the handling of their cases.
Companies collect the personal information of individuals who have suffered accidents from all types of applications and these are stored and organized in ways which turn out to be a real advantage for the parties needing access to this information. These parties are usually the insurance companies and law firms left to solve these cases.
The personal injury claims industry handles a lot of data
The quantity of data handled by insurance companies and law firms solving personal injury cases is huge. From medical bills to evidence which can help the case and even statements collected from the victims, a personal injury case is one of the largest generators of information, and therefore data that can be stored and organized.
Where do companies collect data from?
It quite easy to collect data nowadays. As mentioned above, applications, such as online personal injury calculators where victims insert all types of information related to their case, to simple notes taken by case managers which are then transferred to computers and end up online, this pretty much sums up the process of companies collecting data and then putting it at the disposal of those interested in them.
Big data plays an important role in solving personal injury claims
The role played by big data in the personal injury claims sector is major because it can help in:
- assessing the risks associated with the type of personal injury
- detecting potential frauds
- improving the decision-making process when managing a case
- understanding the needs of the client
- developing better and safer insurance policies or programs
- improving the marketing and distribution channels of insurance companies and law firms
In the near future, big data is expected to help companies customize the offer for each client, and in some cases even increase the compensations for the victims.
A bright future for the personal injury claims industry
According to various studies and market research reports, big data will help not only companies, but also accident victims by having their cases handled sooner and the compensation received a lot faster.
For companies, the benefits are already evident, as insurers and law firms are using the precious data to improve their management systems and speed up the case handling procedures, which will also have a positive effect on their labor costs and satisfaction of the employees and clients.
Big Data is Changing the Rules of Personal Injury Litigation
The legal profession is evolving in unprecedented ways, largely due to changes in big data. The field of personal injury law is one of the biggest to be touched by these implications. Clever litigators will adapt accordingly.
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