Legal spend is a significant cost for insurance carriers with a complex billing process. It is difficult to track claim budgets relative to reserves

- A legal spend management tool that tracks expenses by claim and by matter to provide visibility and transparency

- Be alerted when certain budget thresholds have been reached

VIP Software’s Budget Management tool allows carriers to track how much is spent on a per-claim basis. Vendors submit a bulk upload which enters the VIP system like a regular invoice.

LEDES data can be complex and hard to read and parse, but in VIP invoice format, all data is captured in a readable manner. Invoices follow an automated process set against a pre-agreed upon fee schedule. Budget thresholds can be set to issue alerts when reached. The Budget Management tool is scalable and flexible and results in improved compliance. Carriers can easily track claim budgets relative to reserves. To get the most out of Legal Spend Management, Mimia can be utilized to compare legal expenses across firms and vendors.