Insurance Services Office  (ISO), a leading provider of personal injury claim solutions, has brought to market a quantum assessment tool (QAT) component that combines data and analytics to advise insurers on accurate personal injury claim settlements.
Case in Point , part of the ISO Claims Outcome Advisor suite of products, is an innovative solution that delivers proven savings by advising handlers through cross-referencing prior claims with similar injuries and negotiation patterns and identifying differing behaviour patterns and the likelihood of litigation of claimant representatives.
Case in Point 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.
The powerful combination of information and analytics based on medical information and claimant representative history helps claim handlers strengthen negotiations, develop better claim settlements and make fair and acceptable offers – avoiding litigation whilst minimising unnecessary claim spend.
By combining data from the Ministry of Justice (MoJ) Portal and COA, Case in Point provides evidence of a claim’s value and can reduce the claim life cycle significantly, because claim handlers get fast access to the data they need to arrive at reasonable settlement offers. This helps mitigate the risk of over or underpayment, protecting an insurer’s bottom line and reputation.
Joe Pendle, managing director at ISO commented, “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 continued.