Customer liability calculation

Suppose you are an insurer reviewing your open claims. Your case managers will spend a substantial proportion of their time estimating the likely outcome of each claim and how much is expected to be paid out. A significant limitation of this method is that case managers must make decisions solely based on data that is available to them at them at a particular point in time. A statistical model using claim characteristics, for example the nature and location of injury for a workers' compensation portfolio, overcomes this limitation and can therefore be more accurate than case managers' estimates. This form of modelling also frees up your case managers allowing them to manage their claim portfolio more efficiently and with greater prudence.

For more detailed information contact Richard Brookes or Alan Greenfield.