Verisk , a leading global data analytics provider, today announced a major new release of piCalculator, its industry-leading solution for calculating damages in personal injury claims. The new version supports greater classification of multiple injuries in low frequency, high value claims and features a full suite of updates to provide insurers with greater insights for large loss reserving. The new capabilities are now available for all existing piCalculator users.
The new release of piCalculator enhances insurers’ ability to specify detailed injury classifications, including primary and secondary injuries, loss types and claimant type. Actuaries will also be better able to specify detailed reasons for reserve movements to better analyse how high value claims affect reserving. piCalculator will now provide greater management and accountability by enabling all classifications to be fully configured to tailor reporting levels to individual insurer’s requirements, and by supporting rigorous authorisation levels that ensure reserves are only updated once approved.
“Insurers have typically struggled to introduce detailed classification data into low frequency, high value claims,” says Mark Hewitt, creator of piCalculator and director at Verisk. “The latest piCalculator version provides granular data to ensure data analytics delivers a significantly greater value for insurance operations. This solution represents a major leap forward in capability at a time when much of the industry is still struggling with bloated, manual spreadsheets.”
All collected loss information and classifications are captured in the data warehousing capability within piCalculator and provide actuaries and claims handlers with a higher standard of visibility into claims. Actuaries have greater insight into reserve allocation and movements, plus an end-to-end view of how claims progress from first notification of loss through to settlement. This level of data granularity also helps claims handlers better understand which areas of claims are vulnerable to under- and over-reserving.