Uncovering the best way to manage documents and electronically stored information (ESI) is of the utmost importance to insurers. Document management affords a company many benefits but lately, separating itself from the chaff is its role in electronic discovery (e-discovery), which involves the access and use of information and data created or maintained in electronic form for the purpose of lawsuits.
Released late last year, international law firm Fulbright & Jaworski LLP’s annual U.S. Litigation Trends survey found that 93% of insurance companies faced at least one new lawsuit in the past year, with 33% facing more than 20 new actions and 54% of American insurers reported facing at least one $20 million suit. In addition to this, the report states that 79% of insurance companies filed at least one suit themselves in the past year acting as plaintiff, with 28% of the suits seeking in excess of $20 million.
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