5 Ways To Know If Your Company Needs Legal Spend Management

When strung together, legal spend management can sound daunting and intimidating. To break it down, it’s the simple act of managing your company’s legal budget. Legal spend management has been around as long as litigation has (so, forever), but it’s now being recognized as a necessary solution for companies with a lot of litigated claim files on hand. What is Legal Spend Management? Legal spend management, litigation cost management, cost containment, or claims management, is keeping track of and understanding all cost data surrounding a company’s legal matters. For a large corporation who may see many litigated claims, it’s important to know both micro and macro data, including but not limited to: Which lawyers are on the case The current…

Jackelyn Ho

Thursday Thought Leader: Benedict Burke

What do you think of when you hear the word “insurance“? Do you think car accidents or home loss? Unfortunately, insurance yields a negative connotation, but the people who work in the industry have the best of intentions. They are caring, passionate, and thoughtful individuals who are there when you need a hand. Cue in: Benedict Burke. As International Chief Client Officer of Crawford and Company, he was literally born into insurance. He didn’t stick around because his family wanted him to. He dedicated his life to insurance because he wanted to help people and this is where he knew he could make the most impact. To say that he’s a champion for and of the industry would be an understatement –…

Jackelyn Ho

Need Litigation Cost Management Help? Visit LegalNet at RIMS 2018

One of the biggest conferences in our industry is just around the corner! RIMS, The Risk Management Society, is hosting their annual risk and insurance management conference and this time, we’re gracing the city of San Antonio, TX. We’ve been part of RIMS for many years and we’ve always loved seeing both new and old friends. We’re excited to be becoming more involved with the RIMS community and we would love to meet you in any of the following ways: Booth #1925 We’re debuting a brand new booth setup, giveaway, and interactive game (hint: Giant Jenga, anyone?). If you sign up for our newsletter below (we promise it’s not spammy), we’ll even guarantee you a special one-of-a-kind thank you gift….

Jackelyn Ho

Cheers to These Influential Leaders on International Women’s Day

Although there is only one day a year that we officially recognize International Women’s Day, it feels like every day is a good day to thank our moms, sisters, wives, daughters, and friends for being the incredibly inspirational people they are. In honor of today, we want to extend the biggest of thanks to a few of our favorite thought leaders for leaning in and showing us different magnitudes of success. Hannah and Jade Sullivan – Co-founders of POGO Insurance “We knew insurance wasn’t necessarily sexy, but we love solving problems. Plus, we had always wanted to work for ourselves, so this was a great place to begin.” – Hannah Sullivan “The insurance industry is changing. And it really needs…

Jackelyn Ho

Thursday Thought Leader: Max Drucker

If you haven’t already noticed, we are huge fans of companies that make the insurance world an easier place to navigate. One sector that we haven’t quite delved deeper into yet is insurance data. Cue in: Carpe Data. Based out of Santa Barbara, Carpe Data was founded by CEO Max Drucker in 2016 and is described as providing, “next generation predictive scoring and data products to P&C and life insurance companies.” It’s an innovative company that uses modern-day technology to gather data and answer tough questions. Drucker has an extremely impressive background in the tech and insurance space – including starting and selling two of his own companies: eCoverage and Steel Card. These days, he focuses his attention on growing…

Jackelyn Ho

How To Turn Your Hobby Into A Business

With the rise in DIY projects over the years–and outlets for the resulting products, such as Etsy and Redbubble–it’s no wonder that so many people are turning to their hobbies when they want to start a new business. Making money by doing something you love has never been easier, but there are some important things to consider before you get started. The first thing you need to think about is whether there’s a market for your hobby; can you turn it into a full-time career, or would it work better as a part-time money maker? This is going to take a bit of research on your part. You’ll also need to think about whether or not you have the energy…

Jason Lewis

Thursday Thought Leader: Hannah and Jade Sullivan

Insurtech is one of the best things to happen to the insurance industry and we are completely in love with the direction it’s headed. A perfect example of a company that’s leading the movement is Pogo, an online insurance agency that helps consumers and business owners discover, compare, and buy insurance plans. It’s geared towards the freelancers and solopreneurs of the world. Pogo wants to simplify the most necessary but also most confusing part of the business so that their customers can focus on what they do best. Hannah and Jade Sullivan, a wife-wife team based out of the Richmond, Virginia area, are the brains and powerhouse forces behind Pogo. Like many people, the two unintentionally stumbled into insurance, but now…

Jackelyn Ho

Insurtech Marks Itself As a Popular Industry for Investors

If you love watching Shark Tank or keeping up with the latest news in the funding world, you probably already know that insurance products, or insurtech, are rarely the ones making headlines. For the past decade, founders have been focused on disrupting industries like rideshare, food, and hospitality. But, insurance? How on earth do you disrupt an ancient industry that still lists a fax number? Fortunately, there are founders who believe in change and there are a ton of startups who are improving the insurance experience. From WeGoLook, a crowdsourced inspection service, to Clara Analytics, who has developed an intuitive texting claims platform, the trend towards a more tech-savvy insurance world is on the rise. To further validate this point let’s…

Jackelyn Ho

Thursday Thought Leader: Carlos Luna

The workers’ compensation industry gets a bad rap for surviving off of people’s accidents and injuries, but there’s something that you have to know. First things first, someone has to do it. Second of all, many of the leaders in this industry only possess good intentions and are fighting for a bigger, more positive cause. A good example of the latter? Carlos Luna.  As the Director of Government Affairs at Reed Group and Medical Issues Committee Member of IAIABC, he is constantly on the hunt for learning and sharing newfound knowledge in this industry. He’s been personally affected by a close family member who had to go through a workers’ compensation accident, so his fight for what’s right is all…

Jackelyn Ho

Top Workers’ Compensation Issues in 2018

As we transition from 2017 and usher in the New Year, there have been several milestones in workers’ compensation that PRIUM has been monitoring as these issues continue to have an impact on the opioid epidemic, overall medication safety, and our ability to achieve a more balanced biopsychosocial approach in treating injured workers. These are the top workers’ compensation issues that may have continued impact in 2018: A big trend in workers’ compensation has been the design and implementation of drug formularies. Tennessee started its formulary on Aug. 28, 2016 for new claims, and initiated guidelines for legacy claims on Feb. 28, 2017. This state is accruing experience and outcomes data, which will serve to assist and inform the rest…

Mark Pew

Why Transparency Matters in a Cost Management or Bill Review Company

We get it – bill review companies get a bad rap. This post comes in response to Joseph Paduda’s latest blog write up on Uncomfortable Truths at this year’s NWCDC, a piece that highlights the missing transparency between TPAs and employers, which further decreases the quality of managed care. It’s a very well written post and it details that companies only care about two numbers: how much each processed claim costs and how much money they are ultimately saving. When it comes to cost management, they want the first number to be low and the second number to be high. Paduda says issues arise when there is non-transparency between a TPA and their clients about what bill review vendors actually…

Jackelyn Ho

The Best Conferences To Attend For Risk Management, Workers’ Compensation, and Insurance

There’s nothing quite like being in the heat of the business day in and day out, but as professionals, one of the best growth tactics out there is to attend a conference. It’s here that we are able to network, find partners that work in synergy, and discover new clients to help find solutions to their workflow. Although the long days and the cold expo halls can get intense, there’s nothing that beats sharing memories with new friends who understand exactly why you’re in the business. After many years of exhibiting and attending conferences all across the spectrum, these six came in as our top favorites in terms of quality leads, professional yet friendly attendees, and innovative education. RIMS –…

Jackelyn Ho