Insurance Companies Turn To NextGen Reporting For Improvements in Cost Savings and Matter Management
Insurance companies frequently reduce their costs by using Examinations Under Oath (EUO) rather than depositions. Many of the expenses of a deposition are reduced or eliminated; the one cost that isn’t is court reporting. Like they do for a deposition, traditional court reporting agencies supply a court reporter and a videographer to capture the EUO. NextGen Reporting is pleased to offer a new solution that reduces these costs dramatically.
Insurers use EUOs to screen out fraudulent claims and evaluate claimants, but the practice has challenges. One hindrance: witnesses in an EUO often fail to show up. In addition, EUOs generally don’t last very long, triggering expensive minimum fees from the court reporters. Finally, clients rarely videotape the depositions because of the high cost.
NextGen Reporting solves this problem for insurers by providing a group of staff court reporters accessible at any time through a secure Internet video connection. NextGen’s reporters maintain availability until the examiner needs them, at which point they transcribe the EUO and record the video. Because this process is so efficient, NextGen reduces costs by an average of 50%.
While the direct cost savings act as the initial lure, the early adopters have achieved massive efficiencies from process improvements using the video. NextGen provides the transcripts and videos to the examiner, counsel and the claims adjustor in a military-grade online repository. As Roger Braunfeld, Esq. noted, “In one case alone, we made a better decision because we could all see and evaluate the claimant’s credibility, which saved us $60,000 in litigation costs. NextGen’s solutions transcend just court reporting.”
“When our clients use our tools to make litigation faster and less expensive, we’ve accomplished our goal. We’re proud that that our EUO offering has already made a significant difference for our insurance clients,” said David Noteware, Esq., CEO of NextGen Reporting.”