Organisations Offered Improved Detection Of Financial Leakage
Consultancy Business
03/04/2008
Law firm Irwin Mitchell has announced a joint venture to launch Ectimo a software and consultancy business with one of the UK's leading supply chain advisors, State of Flux.
Ectimo is a low risk and low cost solution that enables insurers and other large institutions with large 'books' of business to improve their existing recovery rates
It will also provide a consultancy service to enhance operational efficiencies through shortening the recovery cycle, thereby delivering high impact to an organisation’s bottom line.
The initiative is further evidence of the rapidly changing legal marketplace in which law firms will consider partnering with non-legal organisations to offer a diverse range of services to businesses or private individuals. The rapid change to the legal industry follows the announcement of the Legal Services Act, in October 2007, which Irwin Mitchell has fully embraced.
Joe Simpson, Partner at Irwin Mitchell said: "Research suggests that one of the major challenges for institutions, such as insurers, is to clearly identify financial recovery and then implement an efficient and effective recoveries solution."
Alan Day Managing Director of State of Flux, explains: "Many companies are not fully aware of the potential capital available to them simply through improving recovery rates, particularly in areas which had previously been deemed beyond recovery."
The Ectimo model begins with an initial review from a team of senior Ectimo consultants with experience in claims handling and recoveries.
This initial step helps to identify the extent to which recovery rates can be improved and where the analysis will be most effective within the business.
Secondly, the innovative Ectimo software securely analyses a company's data from their closed or outstanding claims. This analysis identifies cases and grades them according to their recovery potential. This process can be securely viewed online to monitor the process and receive real-time reports.
Once finalised, an extensive report is generated that contains a selection of cases that should be suitable for recovery. This report can then aid either external or in-house financial recovery experts to retrieve monies owed.
Joe Simpson concluded: "The simplicity of the Ectimo model is, I believe, the real advance. It is a software and a service package which has gone through extensive development to comply not only with the highest security measures, but also to be compatible with most if not all recovery systems used by organisations."