As class actions continue to be filed, it’s important you have the best class action service provider on your side. Having a quality provider on your team can improve work flow, enhance quality and reduce costs, especially in administration.
There are many reasons the most efficient processes are not integrated into the administrators work flow. However, in larger firms, two likely causes are negative cost-benefit ratio and incorporation challenges. When the administrator weights additional costs necessary to create and execute more efficient technologies (i.e. getting away from paper-based claim forms) into the work flow against increased financial benefits, the added benefits won’t be greater than costs unless external considerations are also looked at.
Another reason is the need for a set of skills necessary for work flow/technology experts to execute systems to develop new efficiencies. Without these uniquely skilled experts, integration opportunities can be overlooked and/or underutilized.
The costs can be substantial. Administration costs can be increased by as much as 25% when extremely inefficient processes are utilized, but by increasing efficiency, costs can be reduced by 5-10% on average. Thanks to available technologies and advances in automation, certain costs can be reduced by as much as 85% without causing any reduction in the information’s integrity, accuracy and completeness.
One of the first steps that can be done is to look for opportunities to replace personnel with technology. For example, file reviewers: once entered into the database, the system can easily review data for missing and/or incorrect information and date discrepancies, values and duplications. Automation technology can take care of repetitive tasks, like file label printing and settlement calculations.
Want to make the process more efficient? We can help. Give us a call at (215) 953-5175 or Request a Free Analysis.