Data analytics provider Verisk has released the latest version of piCalculator, its solution for calculating schedules of loss for personal injury claims.
piCalculator is an all-in-one software solution that handles all calculations in the injury claims process, which Verisk suggests has already helped lawyers, barristers, and large-loss claims handlers achieve around £50 million in efficiency savings.
Verisk added that the solution’s near-instant rate updates for complex claims mitigated the impact of last year’s unexpected discount rate changes to the injury claims sector by saving considerable time and money.
The latest release is designed to provide further insights by allowing users to run multiple claims scenarios, which will help organisations maintain appropriate reserves while maximising profitability.
Additionally, further integrations with the ISO Claims Outcome Advisor suite will provide enhanced injury classifications and data analytics into large-loss claims for the first time, Verisk said.
“Since 2008, we have evolved piCalculator from a toolkit designed to support claims handlers into an unrivalled end-to-end solution for calculating damages and settling large-loss claims,” said Mark Hewitt, creator of piCalculator and director at Verisk.
“With the new release, piCalculator is set to further strengthen its position in the legal sector and deliver even greater insights into injury claims for insurers,” he continued.
“As the discount rate looks set to undergo regular adjustments, piCalculator serves to offer the most effective and efficient alternative to investing significant time, effort and money into manually calculating the effect of rate changes.”
