This study uncovers a lot of information about common practices within the industry. We are excited to share the study and its findings with legal and claim professionals alike. - Steve Schumacher, President
Houston, TX (PRWEB) March 17, 2016
A recent study commissioned by Keais Records Service on the industry practices in records retrieval yielded several interesting results that shed light on the importance of records retrieval in the claims and litigation management process. Sixty-six senior claim and litigation executives participated in the study.
Key results of the study include:
- Records retrieval is a very high-frequency and high-cost activity for claim organizations.
- Almost 70 percent of claim organizations retrieve records on at least 60 percent of their files.
- Seventy percent of respondents said they do not capture the amount spent retrieving records, and only 10 percent have ever analyzed law firm invoices to understand what firms charge for records retrieval.
- Records retrieval activities consume significant internal resources and drive significant cost. Retrieval activities can take on average 12 percent of a claim professional’s time.
- Claim executives believe there is a correlation between faster retrieval time and improved claim cycle time. Seventy percent reported having to wait for records in order to close a file.
To receive a copy of the complete report, email report(at)keais(dot)com.
Keais is a leading provider of records retrieval services and has been providing the highest level of service to law firms for the last 40 years. As an industry leader, Keais fully understands clients’ claims and legal records needs, and provides the best product and fastest turnaround time. All records retrieved by Keais are organized chronologically and can be viewed electronically or printed.