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The UK P&I Club's Value for Money project has taken a major step forward with Club managers Thomas Miller concluding a contract with US firm DataCert for a cost management system for professional services procurement.
The Value for Money programme is an ongoing critical but constructive review by Thomas Miller of the claims management process. The initiative aims to keep insurance costs in check through a consistent approach to early case assessment to ensure achievable and commercial strategies in line with budgets. There is a major focus on technology to provide information, extend control, reduce administrative costs and help assess external professional and consultancy services in respect of claims.
The aim is for lawyers, surveyors and club correspondents, guided by Club managers to work more productively.
Mark Holford, Thomas Miller's newly appointed Director of Service, explained the background to the DataCert contract. "Last year, clubs managed by Thomas Miller made over 100,000 claims and fee payment transactions, of which 40,000 related to legal, technical and other professional services provided by more than 4,000 suppliers. This system will enable us to introduce new management techniques and thereby to control our spending, both on claims and fees, in a radically different way."
He continued: "Thomas Miller is the first European company in the insurance industry to use this software to manage claims. It will considerably enhance our strategic approach to professional supplier management as we analyse and benchmark the performance of the lawyers, correspondents and surveyors who provide services to the UK P&I Club.
"At the tactical level, Thomas Miller claims executives will have a decision support tool enabling them to make judgements more effectively to ensure that work commissioned has been properly carried out and that an appropriate fee is paid for the work actually done.
Already 60 per cent of the Club's correspondents' invoices are received electronically through the International Group's e-billing system Feasable. DataCert's software will extend e-billing to all professional service providers, notably lawyers, and improve the analysis of all fees, including correspondents' Feesable invoices.
Note to editors: DataCert, Inc. is the largest and fastest-growing supplier of electronic invoicing and corporate legal spend management solutions. DataCert's products and services provide a substantial return on investment to corporations looking to better manage internal work and reduce outside legal spend. Headquartered in Houston, Texas, with a European office in London, DataCert has more than 7,200 customers in 110 countries including 43 of the FortuneŽ Global 500. DataCert processes in excess of $9 billion of electronic invoicing data on an annualised basis.
For further information:
Nick Whitear
Thomas Miller P&I Ltd
Tel: +44 (0) 20 7283 4646
e-mail: nick.whitear@thomasmiller.com
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