The digital transformation of litigation finance is changing rapidly, and with it the way companies structure their operations and services. At the center of this change is the remarkable partnership between INKUBIT and AdvoFin. Austria's leading and oldest service provider in the field of litigation funding for class actions and INKUBIT, an expert in digital solutions and transformation. This collaboration has not only improved the digital footprint of AdvoFin but also created a blueprint for the future of litigation funding.
The challenge: a digital turnaround
AdvoFin faced the challenge of optimizing its complex and predominantly manual litigation funding system to enable more efficient, cost-effective and transparent processing of class actions and to meet the demands of the dynamic litigation funding environment. The goal: to enable more efficient, cost-effective and transparent processing of thousands of customer claims.
Implementing an intelligent system to manage relationships with claimants, lawyers and other stakeholders and automatically calculate complex dispute values was at the heart of their digital transformation agenda. The need for an integrated Solution, enabling intuitive document management, automated calculations and easy connectivity to websites and third-party systems, became increasingly clear.
The Solution: A customized digital infrastructure with Power Platform and Azure Open AI
INKUBIT responded to this challenge with a customized Solution, which is based on a combination of Microsoft Power Platform, Azure Open AI Service, Azure Functions and Office 365 Apps and forms the core of the digital transformation of litigation finance at AdvoFin.
Microsoft Power Platform
A suite of Microsoft tools that enables data analysis, app development and automation. This platform enables companies like AdvoFin to implement customized solutions that are specifically tailored to their needs. For example, a company can automate recurring tasks with Power Automate, visualize and analyze data with Power BI and create customized applications with Power Apps - all without in-depth programming knowledge.
Azure Open AI Service
A service based on artificial intelligence that enables companies to integrate advanced AI models, such as those developed by OpenAI, into their applications. For AdvoFin, this means that complex algorithms for calculating the value in dispute can be automated and constantly adapted to changing legal conditions without the need for human intervention.
Result: A prime example of digitalization
The internal processes at AdvoFin have been transformed by the process optimizations and digitalization measures at INKUBIT . The results underline the impact that digitalization can have on day-to-day business. The figures:
97 % Digitization in the company
This impressive figure reflects the comprehensive transfer of business processes to digital formats. By automating and digitizing almost all internal processes with Power Platform, AdvoFin has been able to make its operations more efficient, reduce case processing time and increase customer satisfaction. The almost complete elimination of paperwork is a nice side effect and also contributes to more environmentally friendly operations.
Over 60 % cost reduction
This significant cost reduction is the result of automating core processes through Azure Functions and Azure Open AI Service and optimizing processes that were previously manual and time-consuming. By reducing manual work, AdvoFin has been able to save on personnel costs and allocate resources more effectively. This financial freedom now allows the company to invest in new technologies and growth areas to further strengthen its market position.
55 % degree of automation in the value chain
By introducing automated systems and processes, AdvoFin has been able to automate more than half of its value chain. This improves the accuracy and efficiency of process handling. It also enables a faster response to market changes and customer needs. The automation of complex calculations and administrative processes has also reduced the workload of employees and allowed them to focus on more strategic tasks.
Project profitability in real time
With the Power Platform and specific Office 365 apps, AdvoFin now has the ability to analyze the profitability of projects in real time, making strategic decisions easier.
85 % automation of the microclaims process
This high level of automation enables smaller claims to be processed quickly and efficiently, which used to be a time-consuming process. Automation has also reduced the error rate and increased the consistency of processing.
The way forward
The partnership with INKUBIT has enabled us to massively increase the level of digitalization in our processes and achieve an increase in efficiency of over 250%. The transformation of our business model through digitalization and Artificial Intelligence has led to a sustainable and future-oriented position and has also enabled us to explore new business areas.
These technologies have changed the processes at AdvoFin, and have also opened up new avenues for the future of litigation financing. With Power Platform and Azure Open AI Services, AdvoFin has been able to optimize its internal processes. A significant competitive advantage was also achieved. The success story of AdvoFin and INKUBIT is a shining example of how digital transformation can revolutionize businesses.
AdvoFin has achieved success in the present, and has also built a solid foundation for future growth and innovation. This partnership underscores INKUBIT's commitment to supporting its clients through technological excellence and strategic vision.