HOUSTON--(BUSINESS WIRE)--Wolters Kluwer’s ELM Solutions, the market-leading provider of enterprise legal spend and matter management, contract lifecycle management, and legal analytics solutions, has announced the release of Passport® 19.2 with a new LegalVIEW® Predictive Insights module. This module empowers customers with information they need to select the right law firm to handle each litigated matter using artificial intelligence (AI) and analytics from our proprietary LegalVIEW® database, the world’s largest and most comprehensive legal spend database. LegalVIEW® Predictive Insights also predicts budgets and matter duration, equipping corporate legal and claims professionals with high level, practical data to use in developing a legal strategy and budget right within their workflow.
“We are thrilled to provide actionable insight on litigation matters to help our customers achieve positive business outcomes,” said Jonah Paransky, General Manager and Executive Vice President of ELM Solutions. “We believe no other matter or spend management system incorporates the key data corporate and insurance claims departments need to make effective litigation decisions right at their fingertips.” See Jonah announce the launch at ELM19, the premier user conference.
Expanding Wolters Kluwer’s ELM Solution’s capabilities for legal operations and claims professionals, LegalVIEW® Predictive Insights ranks the best law firms for litigated matters using predictive budget and time data along with a customer’s customized criteria, helping customers make better law firm selections and manage their budgets. To see how LegalVIEW® Predictive Insights empowers better decisions and improved efficiencies, click here.
“We believe the ability to leverage all relevant data throughout the litigation process using LegalVIEW® Predictive Insights will improve our litigation workflows dramatically. Predictive Insights will allow our users to budget more accurately and collaborate better with our outside firms, leading to overall better outcomes,” said Dan Winkler, Leader – Claims Legal, Westfield Insurance.
The LegalVIEW® Predictive Insights module builds a data model using our LegalVIEW® database as a starting point, then layers client-weighted historical data on top to rank law firms and generate predicted budget and cycle time information. Customers are given firm score card ratings, key performance metrics (like average rates, invoice accuracy, win/loss ratio, etc.), and the predicted budgets and matter cycle times per firm, so they can be confident they are selecting the best firms likely to yield the best outcomes.
Passport 19.2 also features new analytics capabilities that include LegalVIEW® embedded rate benchmarking and expanded use of Tableau visualizations embedded in the platform. These new features will further enable customers to make smarter, faster decisions right within their key legal workflows. The Legal Holds module has also been upgraded with additional features, and Office Companion has new document management capabilities to further streamline the customer experience.
About Wolters Kluwer ELM Solutions
Wolters Kluwer’s ELM Solutions is the market-leading global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions. We provide a comprehensive suite of tools that address the growing needs of corporate legal operations departments to increase operational efficiency and reduce costs. Corporate legal and insurance claims departments trust our innovative technology and end-to-end customer experience to drive world-class business outcomes. Our award-winning products include Passport®, the highest rated ELM solution in the latest Hyperion MarketView™ Legal Market Intelligence Report; TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution; CLM Matrix, named a “strong performer” in the 2019 Q1 CLM Forrester Wave report; and the LegalVIEW® portfolio of legal analytics solutions based upon the industry’s largest and most comprehensive legal spend database, with more than $128 billion in invoices.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2018 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 18,600 people worldwide.
