AP Automation for Insurance Firms
Published by Joakim Hjønnevåg on Jul 17, 2020
Insurance firms and other enterprises around the world are sinking millions of dollars into their legal operations. These dollars are being spent on outside counsel services, in-house compliance and accounts payable staff, claims adjusters and beyond.
It’s time these organizations take a good look at their overall spend, because much of it is not justifiable in light of modern day technological advancements.
At LSG, we provide legal software solutions that meaningfully improve profit margins through reducing unnecessary staff and legal spend. One way we do this is by automating the entire end-to-end invoice input, review and payment process. We provide end-to-end AP automation.
There’s no reason in this day and age to retain full-time employees dedicated to what is essentially data entry, plugging in PDF and other formatted invoice data into an accounts payable software. Instead, let machine learning do the job for you, in a fraction of the time and with more features enabled. As an example, you can automatically scan and review invoices at the time of submission for billing compliance. Enforce your billing guidelines, and make sure that vendors are sending you fully compliant invoices.
The effect of this is 6-11% savings per invoice, with an additional 80% reduction in the cost and time it takes to process the invoice.
With over 15 years of experience within the legal technology industry, we believe LSG is well positioned to help your organization implement a powerful legal spend management strategy. As an example of previous success, we helped a top 10 global insurance firm save over $522 million dollars with our enterprise legal management software, coupled with legal bill review.
Email us at [email protected], or call us at +1 877 566 9574 to learn how we can help your organization reduce your legal operations spend with AP automation, legal bill review and audit services, and beyond.