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Analytics

The rise of Analytics in the business world creates a competitive opportunity for companies and law firms to improve their decision-making and thus their business results.  Verus’ custom analytics consists of a combination of expert analytics services along with technologies designed to help businesses obtain unique, insightful information from their own data and processes as well as other available sources.

Why Verus?
Why Verus?

Our professionals work with clients in a variety of business applications, such as performance analysis, market and customer maximization, forecasting, claims assessment, fraud detection, data visualization, operations analytics, payment and offer patterns, data mapping, and reporting.

 

Our services include:

Clients have a pressing need to predict future sales, litigation patterns, or claim volumes in order to fulfill their capacity and meet their business’ goals. These predictions are germane to managing finances, structuring settlements, ensuring equitable payouts to claimants, and effectively managing the operations of a business.

Verus’ approach is based on the combination of strong forecasting services and a platform with flexible data mapping, reporting, and visual display. If desired, our experts will continuously monitor and adjust client forecasts as additional data accrue. We provide periodic reporting upon request.

Our forecasting models can be customized to support the following:

  • Litigation trends
  • Claim payouts
  • Revenue models
  • Service demands
  • Work allocation and staff deployment

Our Operational Analytics team works with clients to help them maximize the value of their own data. By effectively using this information, we help clients make more effective business decisions.  The insights we deliver enable clients to more confidently act on facts (and to avoid acting on fiction) and improve results by making decisions based on insight from real, solid information.

Our services assist firms with the following projects among many others:

  • Improving firm success rates
  • Improving law firm case profitability
  • Improving loss management in insurance portfolios
  • Optimizing partner time and employee value
  • Managing work capacity
  • Managing litigation expenses

Our valuation services go hand in hand with our other analytics offerings. Our analytic valuation experts determine and estimate the values of key aspects of your products and services of your firm – those aspects that can drastically impact the health of any profitable product, service, or initiative. Our valuation services go hand in hand with our other analytics offerings. Our analytic valuation experts determine and estimate the values of key aspects of your products and services of your firm – those aspects that can drastically impact the health of any profitable product, service, or initiative.

Our team helps companies by providing the following services:

  • Calculate probabilities and values of claims
  • Fraud Detection
  • Compensation Models
  • Performance analytics
  • Data Visualization
  • Comprehensive Reporting

In managing individual or groups of cases there is often not only a need to predict volumes of claims, but also the values of those claims – the costs and damages. Statistically-based analytical models can be used to more precisely and consistently know the range of values most likely to be collected or paid out as compensation for loss or injury. Our approach is to work with existing or similar data for the case, to enhance that data using additional sources, and to work closely with subject matter experts to create models that best meet the needs of our clients. These models are based upon the reality of the historical past, but are augmented and improved by incorporating specialist knowledge, such as any specific rules or conditions in our clients’ case(s).