Punter Southall Analytics (PSA) has expanded its interest in class action technology after doubling its investment in FinLegal’s innovative end-to-end claims solution to streamline and automate claims management.
In 2021, PSA made its first investment in this transformative technology which increases recovery for claimants and helps lawyers and corporates deliver results efficiently by getting rid of spreadsheets, endless phone calls and minimising non-essential human input.
It allows case management processes for large group litigation or collective action cases to progress more economically, streamlining many of the key claim processes, including onboarding and data collection, while moving as many as possible online.
The UK class action marketplace is growing and is now one of the leading class action regimes in Europe[i]. In September, Bloomberg reported that the UK’s third party litigation funding (TPLF) industry has almost doubled the size of its assets over the past three years[ii].
David Rankin, Managing Director at Punter Southall Analytics, said: “The UK is on the cusp of a new era of class action since EU rules have made it a requirement for countries to have a class action consumer redress system in the place[iii].
“Our investment in FinLegal is timely and puts us in a strong position to deliver even better results for our clients. This online solution will increase efficiency and reduce costs, making bringing litigation more commercially viable.”
Steve Shinn, Chief Executive at FinLegal, said: “We no longer need call centres full of claims managers. Using the solution, a handful of people can efficiently onboard and manage 50,000 claimants or more.
“This would have been unimaginable even five years ago in the absence of the technology that is now available. The thing people say to me most is: ‘I wish I’d met you years ago.’ The technology is transforming a specialist area of litigation into a much larger market that aids regulation and provides access to justice and redress for millions of people.”
Punter Southall Analytics is part of Punter Southall and was established in 2016 to provide data-driven solutions to support cost saving and loss recovery initiatives across a range of regulated environments.
The Litigation Analytics division is appointed as quantification analysts, calculating claims and working alongside expert competition economists in group or class actions.
The team combines analytical capabilities with the subject matter expertise accumulated within Punter Southall to help corporates, trustees and consumers recover historical losses through mediation or formal litigation.