TyMetrix, a provider of Web-based legal performance management solutions for claims organizations, announces the latest version of TyMetrix 360 for Claims & Risk. Designed for the specific needs of claims departments, the solution unifies processes and consolidates legal performance management data into a single, integrated system to help improve case management, shorten payment cycles, reduce defense costs, and boost indemnity performance. TyMetrix is a part of Wolters Kluwer Corporate Legal Services.  

Most claims departments leverage business intelligence (BI) to turn volumes of raw legal data into analytic information to make better business decisions. Where claims departments have struggled is in ensuring that the information is easy to access, configure, share and distribute. This has typically been a complex, time- and resource-intensive endeavor.

TyMetrix 360 for Claims & Risk unifies and integrates matter management, invoicing, and reporting information on a single platform, making information easily accessible at the point of decision. The software also provides claims departments with:      

• Control of Invoices and Payments: By automating the entire litigated claim and expense lifecycle, TyMetrix 360° for Claims & Risk lets users manage hourly rates and staffing, enforce billing guidelines and create and manage budgets. With a secure, Web-based entry point for billing systems, invoices can be reviewed, tracked with law firms and in-house users, and paid electronically.
• Automated Workflow for Reduced Risk: By automating critical gate points in the lifecycle of litigation, from counsel selection and case assessments, to trial and closing reports, the TyMetrix solution assures that no case will fall through the cracks and that outside counsel is fully engaged in providing key performance information.
• Transparency: Providing an instant, comprehensive view into litigated claims data, the software helps users avoid surprises by providing the information needed for advanced development of claims management strategies. The solution also offers a complete view into all claims activities and document workflow to ensure organized strategies for case documentation.
• Better Insight and Perspective: TyMetrix 360 gives users access to hundreds of best-practice reports and key performance metrics that offer insight and perspective for better expense management and data-driven decision making. With the industry's most advanced reporting capabilities, the solution provides a clear, complete picture of a claims department's performance and financial value to the organization.

"The needs of claims organizations are unique and a one-size-fits-all solution will simply not meet them," says Hans Bengard, national director, litigation management solutions, TyMetrix. "TyMetrix 360° for Claims & Risk is designed specifically for how claims organizations work. By consolidating legal performance management data on one platform, TyMetrix gives claims organizations unprecedented control and insight into operations to act as a major competitive advantage and provide measurable value for the business."