SOURCE: Mitratech

Mitratech

October 18, 2010 07:00 ET

Mitratech Brings Cost Savings, Greater Efficiency to Insurance Companies Managing Rising Claims and New Economic Realities

TeamConnect Claims Streamlines Claims Handling and Litigation, Improves Collaboration and Accountability

LOS ANGELES, CA--(Marketwire - October 18, 2010) -  Mitratech, the leader in Collaborative Accountability applications including matter management, e-Billing, and GRC management automation, today announced increased penetration into the Insurance Claims industry. Over 100,000 staff counsel, defense and panel counsel, and claims handlers have turned to TeamConnect Claims since the downturn began to cut litigation and operational expenses, reduce payment on fraudulent claims, strengthen claims handling and litigation, and improve customer service and settlement times. TeamConnect deployments at insurance providers have increased 35% percent in the past year, making Mitratech the fastest-growing solution for claims and legal matter management in the insurance industry. 

The insurance industry has absorbed significant challenges since the downturn took hold. Insurance companies are wrestling with rising claims, both legitimate and fraudulent, more competition for new customers, and new restrictions on investment activities that have reduced operational budgets. Responding to their new economic reality, insurance companies are seeking SaaS claims solutions and advanced business intelligence to streamline internal operations and introduce new levels of insight, efficiency and cost savings.

"The past two years have brought about a radically different business environment for insurance companies, one in which cutting costs is an imperative -- but not at the expense of value," said Afshin Behnia, Mitratech CEO. "Improving operational performance which reducing IT spending -- a major cost center given the industry's reliance on volumes of data to establish and maintain a competitive advantage -- is critical."

"TeamConnect users benefit from a secure environment where adjustors, investigators, lawyers, claims handlers, and business executives can work collaboratively for significant efficiency gains," Behnia continued. "Best practices for investigations, claims handling and litigation, spend management, and fraud identification are built in and available on-premise or as software-as-a-service (SaaS). Our increased penetration into the insurance industry has been dramatic and the trend continues as more organizations realize the benefits of a comprehensive claims and legal matter management approach."

TeamConnect is used by seven of Fortune® 10 insurance companies to automate legal and compliance management. Insurers have discovered their claims handling and litigation demands require the same holistic and comprehensive ecosystem to securely link individual claims to all internal stakeholders as well as to key outside partners, while enabling access controls for confidentiality and accountability.

About Mitratech -- Mitratech provides market-leading Collaborative Accountability Applications for businesses and their trusted partners. With team-oriented domain applications in legal process automation, governance, risk, compliance and security, Mitratech's TeamConnect® Collaborative Accountability Suite improves transparency of financial reporting, reduces exposure to risk, sharpens operating discipline, improves information security and the efficiency of enterprise processes. Our Collaborati browser application also meets the accountability and collaboration needs of proliferating extraprise teams, wherein vendors, partners and service providers often have to be included in sensitive teamwork projects such as electronic billing, legal hold and collaborative budgeting, or those which expose your business to liability. To learn more, visit http://www.mitratech.com.

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