Insurance Services Office (ISO) has launched a quantum assessment tool (QAT) component to advise insurers on accurate personal injury claim settlements.
Case in Point, part of the ISO Claims Outcome Advisor (COA) suite of products, combines data and analytics to cross reference prior claims with similar injuries and negotiation patterns. ISO says that it can help insurers better estimate the likelihood of claimant representatives pursuing litigation.
By combining data from the Ministry of Justice (MoJ) Portal and COA, the product provides claim handlers with direct access to a list of recent injury claims with similar circumstances to the claim at hand, including first offers, counteroffers and final settlement amounts. This is says, also helps claim handlers strengthen negotiations, develop better claim settlements and make fair and acceptable offers.
Joe Pendle, managing director at ISO said: “There is pressure on claim handlers to avoid protracted negotiations and possible litigation, but insurers need to give these case handlers the right tools to avoid inappropriately low offers far below a claimant representative’s expectations for a personal injury claim, while at the same time ensuring claims are not overpaid. Case in Point is the tool designed to deliver just that.”
“Delivering data intelligence of comparable claims and settlement negotiation behaviour enables handlers to look at current claims in a wider context. They can make assessments based on accurate, comprehensive data sets and develop precise valuations that allow them to pay what’s necessary and nothing more,” he added.