LegalVIEW® Predictive Insights received a Bronze award recognizing first in market developments
Wolters Kluwer's ELM Solutions, a market-leading provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions, has been named a Bronze winner in the 2021 Best in Biz Awards’ Most Innovative Product Feature of the Year category. The company was recognized for its LegalVIEW Predictive Insights module, which leverages ELM Solutions’ proprietary LegalVIEW spend database featuring more than $150 billion in legal invoices.
Predictive Insights allows corporate law and insurance claims departments using the Passport or TyMetrix 360° enterprise legal management platforms to build a ranked list of the best law firms for a litigated matter directly onto their matter assignment screens along with predicted budget and cycle time ranges. It does this by harnessing the power of AI in combination with client-weighted criteria such as a firm’s win/loss ratio and communication efficacy. The end-result is stronger matter management and a more predictable budget.
Best in Biz’s Most Innovative Product Feature of the Year category recognizes accomplishments in the vein of patents, inventions or first to market developments. ELM Solutions’ Predictive Insights module is the first of its kind for legal and claims organizations, representing a new generation of legal technology centered around the use of AI-driven predictions to deliver granular detail and the strongest possible outcomes.
“We are honored that the Best in Biz Awards have recognized Predictive Insights’ transformative impact on the legal and insurance claims markets,” said Barry Ader, VP, Product Management and Marketing, at Wolters Kluwer's ELM Solutions. “This award is a reminder of the ongoing commitment we’ve made to serve as our clients’ trusted partner, standing by their side while they harness the power of data and AI to yield more informed decision-making.”
Now in its eleventh year, the Best in Biz Awards is the only independent business awards program judged entirely by editors and reporters whose bylines have appeared in some of the media’s leading publications. The 2021 panel included judges based at outlets such as USA Today, Wired, Barron’s and the Associated Press, who were charged with evaluating more than 700 entries.
Judge Joseph Pete, a Business Reporter for the Times of Northwest Indiana, noted that many of the submissions would have been worthy of recognition were it not for the high level of competition. “This year’s entries were of exceptionally high caliber,” he said.
Wolters Kluwer's ELM Solutions was named a leader in both the IDC MarketScape: Worldwide Enterprise Legal Spend Management 2020 Vendor Assessment and IDC MarketScape: Worldwide Enterprise Matter Management 2020 Vendor Assessment. The company’s award-winning products include Passport®, one of the highest rated ELM solutions in the latest Hyperion MarketView™ Legal Market Intelligence Report and TyMetrix® 360°, the industry’s leading SaaS-based e-billing and matter management solution. CLM Matrix, meanwhile, was named a “strong performer” in The Forrester Wave™: Contract Lifecycle Management For All Contracts, Q1 2021 report. ELM Solutions’ LegalVIEW® portfolio of legal analytics solutions is based upon the industry’s largest and most comprehensive legal spend database, with more than $150 billion in legal invoice data.
