The new feature automates and streamlines
communication, reducing time and costs for legal firms
CHARLOTTE, N.C., June 20,
2024 /PRNewswire/ -- Precedent, the leader in AI
solutions to streamline injury claims, announces the launch of
Demand Composer, a new in-platform feature that automates the
creation of demand letters for attorneys. This addition leverages
generative AI and machine learning to assemble a comprehensive
demand package, significantly reducing the time and cost
traditionally associated with writing demand letters. Editable
letters are ready for review in as little as 12 to 24 hours—a stark
contrast with the 5 to 14 days typical of other offerings - and
easily consumable by their recipients, accelerating acknowledgement
and review.
Built by the expert team at Precedent, with more than 100
collective years of experience in Property and Casualty insurance,
they know that for contingency-based claims, efficiency is
paramount. This new offering enables firms to process cases more
efficiently and enhance their productivity, ultimately reducing
hours per case and boosting productivity.
Demand Composer extracts and compiles data from case files
uploaded to the Precedent platform by plaintiff's firms, including
police reports, MRI results and medical records, as well as other
supporting documents, to populate each firm's custom templates and
craft demand letters that are precise, reliable, and of the highest
quality.
Key benefits of Demand Composer include:
- Cost Reduction: By automating the demand letter
creation process, Demand Composer reduces the significant time
associated with manual drafting, decreasing internal costs for
firms of all sizes.
- Flexible Pricing Model: Recognizing the diverse needs of
legal firms, Demand Composer offers highly competitive pricing,
allowing firms to create a standard process for drafting demands.
- Prices range from $100 -
$175 per letter, based on
volume.
- Enhanced Delivery and Integration: Precedent's demand
approval workflow ensures that each letter and supporting materials
are accurate and sent to the appropriate contact at the insurance
carrier with receipt acknowledgment. The technology seamlessly
integrates with their existing case management and claims
management systems, proactively providing the necessary
intelligence to enhance consistency and accuracy.
"Demand letters are a well-known pain point in the claims
resolution process and the feedback from the legal industry was
that the current products were causing additional financial strain
while not sufficiently shortening timelines," said Precedent
Co-Founder and President Jim
Andrews. "Demand Composer was built specifically with speed,
accuracy, and price in mind, to enable our customers to manage
cases more effectively, increase productivity and accelerate the
resolution process. Precedent has now automated every element of
the claims process for our clients, providing significant value in
one easy-to-use platform."
To learn more about Precedent's technology and the Demand
Composer feature available now,
visit www.precedent.com/demand-composer.
About Precedent
Precedent streamlines the communication and document review
process between attorneys and insurance carriers, significantly
increasing standardization, and automation. Using Artificial
Intelligence (AI), Machine Learning (ML), and Large Language Models
(LLM), Precedent provides digitization and automation benefiting
both parties, attorneys and insurance carriers can collaborate to
reach outcomes while maintaining their interests. Their technology
seamlessly integrates with plaintiff firm and carrier existing
processes and can proactively push the extracted intelligence into
case management and claims management systems. This saves manual
work and creates consistency and accuracy in a domain where
mistakes can be costly. Founded in 2023 by Grant Little, former National General CTO,
Jim Andrews, former CRO of
Carpe Data, Derrick Stuckey and
Logan Chittenden Precedent's vision is to be the foundation for all
attorney-carrier interactions.
Media Contact
Dinah
Saglio
dinah@829llc.com
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SOURCE Precedent