(Image source: Ventiv homepage.)
Ventiv Technology, Inc., an Atlanta-based provider of risk, insurance and claims management solutions, has announced the launch of Ventiv ELM, which it describes as a full-featured enterprise legal management solution. Ventiv pitches itself as the only provider of core claims-administration solutions to offer a fully integrated ELM solution.
Available as a standalone system or fully integrated with Ventiv’s core claims-administration solution, Ventiv Claims, Ventiv ELM is designed to give legal departments total visibility into every aspect of a legal matter. For claim administrators using Ventiv Claims, Ventiv ELM links every legal matter to its corresponding claim. As a result, claims adjusters and attorneys have access to every relevant piece of information immediately, because every data element is already in a single system and ready to be shared (to maintain security and comply with data privacy regulations, data sharing is dependent on access-level permissions established by each customer).
“For more than 20 years, Ventiv Claims has been the claim technology market’s most feature-rich claim administration system,” asserts Bill Diaz, CEO, Ventiv Technology. “We’ve put our experience with insurance claims and the associated litigation to work in developing our all-new enterprise legal management solution. Ventiv ELM is a full-featured enterprise legal management solution that empowers attorneys and adjusters to collaborate to resolve litigation and the associated claims in the most appropriate, cost-effective manner. When integrated with Ventiv Claims, the cost and efficiency gains that organizations can realize are substantial.”
The vendor reports that Ventiv ELM is currently being implemented with a Ventiv Claims customer that will deploy Ventiv’s new enterprise legal management solution to approximately 1,800 attorneys. Ventiv ELM is being deployed to enable the customer to manage its legal matters in a single system with the rest of the customer’s risk management department. With Ventiv ELM, the customer will manage every component of its legal matters, including legal events, legal parties, attorneys and legal calendaring, according to the vendor. Ventiv ELM will also enable the customer to manage and track its data and meet evolving business practices while meeting a long-term objective of having a single system for both claims administration and enterprise legal management.
Key features of Ventiv ELM include the following, as described by the vendor:
- Legal Budget and Legal Invoicing, which integrate with the customer’s e-billing provider of choice: Organizations can more effectively set budget amounts to which outside law firms must adhere; track and approve all submitted invoices; and better manage legal spend by tracking amounts, negotiated fee reductions and payment amounts.
- New Discovery tools: Organizations can track and define workflow for depositions, subpoenas and various other legal discoveries.
- Newly designed Legal Calendar: Ventiv ELM integrates with Microsoft Outlook to allow for a single source of calendaring appointments.
- Best-of-breed communications tools in Ventiv Claims: Ventiv ELM customers will use the market-leading communications tools in Ventiv Claims, including notes, diary, document imaging and workflow, integrated email, and correspondence.
- Streamlined system administration: With Ventiv ELM integrated with Ventiv Claims, only one administrator is needed for enterprise legal management and claims administration systems.
- Real-time data availability: Based on access-level permissions, claims adjusters and attorneys get every piece of information right away (dependent on access-level permissions established by the customer).
An integrated Ventiv ELM and Ventiv Claims solution is ideal for TPAs, insurers and self-insured organizations with in-house legal departments, according to Stephen Thomas, VP, Product Management, Ventiv Technology. “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.”