PRECEDENT DEBUTS DEMAND COMPOSER: AI-DRIVEN SOLUTION FOR DEMAND LETTER CREATION

The new feature automates and streamlines communication, reducing time and costs for legal firms

CHARLOTTE, N.C., June 20, 2024 /PRNewswire/ -- Precedent, the leader in AI solutions to streamline injury claims, announces the launch of Demand Composer, a new in-platform feature that automates the creation of demand letters for attorneys. This addition leverages generative AI and machine learning to assemble a comprehensive demand package, significantly reducing the time and cost traditionally associated with writing demand letters. Editable letters are ready for review in as little as 12 to 24 hours—a stark contrast with the 5 to 14 days typical of other offerings - and easily consumable by their recipients, accelerating acknowledgement and review.

Built by the expert team at Precedent, with more than 100 collective years of experience in Property and Casualty insurance, they know that for contingency-based claims, efficiency is paramount. This new offering enables firms to process cases more efficiently and enhance their productivity, ultimately reducing hours per case and boosting productivity.

Demand Composer extracts and compiles data from case files uploaded to the Precedent platform by plaintiff's firms, including police reports, MRI results and medical records, as well as other supporting documents, to populate each firm's custom templates and craft demand letters that are precise, reliable, and of the highest quality.

Key benefits of Demand Composer include:

• Cost Reduction: By automating the demand letter creation process, Demand Composer reduces the significant time associated with manual drafting, decreasing internal costs for firms of all sizes.
• Flexible Pricing Model: Recognizing the diverse needs of legal firms, Demand Composer offers highly competitive pricing, allowing firms to create a standard process for drafting demands.
  • Prices range from $100 - $175 per letter, based on volume.
• Enhanced Delivery and Integration: Precedent's demand approval workflow ensures that each letter and supporting materials are accurate and sent to the appropriate contact at the insurance carrier with receipt acknowledgment. The technology seamlessly integrates with their existing case management and claims management systems, proactively providing the necessary intelligence to enhance consistency and accuracy.

"Demand letters are a well-known pain point in the claims resolution process and the feedback from the legal industry was that the current products were causing additional financial strain while not sufficiently shortening timelines," said Precedent Co-Founder and President Jim Andrews. "Demand Composer was built specifically with speed, accuracy, and price in mind, to enable our customers to manage cases more effectively, increase productivity and accelerate the resolution process. Precedent has now automated every element of the claims process for our clients, providing significant value in one easy-to-use platform."

To learn more about Precedent's technology and the Demand Composer feature available now, visit www.precedent.com/demand-composer.

About Precedent

Precedent streamlines the communication and document review process between attorneys and insurance carriers, significantly increasing standardization, and automation. Using Artificial Intelligence (AI), Machine Learning (ML), and Large Language Models (LLM), Precedent provides digitization and automation benefiting both parties, attorneys and insurance carriers can collaborate to reach outcomes while maintaining their interests. Their technology seamlessly integrates with plaintiff firm and carrier existing processes and can proactively push the extracted intelligence into case management and claims management systems. This saves manual work and creates consistency and accuracy in a domain where mistakes can be costly. Founded in 2023 by Grant Little, former National General CTO, Jim Andrews, former CRO of Carpe Data, Derrick Stuckey and Logan Chittenden Precedent's vision is to be the foundation for all attorney-carrier interactions.

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Dinah Saglio
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SOURCE Precedent