Data analytics provider Verisk has launched a new version of its personal injury claims damages calculator for insurers, providing greater classification of multiple injuries in low frequency, high value claims.

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 when analysing how high value claims affect reserving.

Mark Hewitt, Verisk director commented: “Insurers have typically struggled to introduce detailed classification data into low frequency, high value claims. 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.”

Share Story: