CASE RESERVING CALCULATION SOFTWARE - CASUALTY

Too often some claims are overpaid, even though most companies don't know it because casualty losses are typically evaluated and settled with third-party claimants based upon individual and/or collective claim handler's "experience". Unfortunately that "experience" is not much more than a shot in the dark or an educated guess in many cases.

Automated case reserving systems are limited to the client company paid claims universe they access and if companies historically overpay losses, albeit many times unknowingly, then the automated reserving system will permit them to just keep overpaying claims.

By building a structured approach to loss casualty evaluation and case reserving, claims handlers are more able to support/justify their respective evaluation positions. When a group of claims handlers within the same company approach evaluation, case reserving and negotiations from the same structured/systematic methodology, it results in a consistency of application.

A systematic, recurring, structured, justifiable approach will ultimately result in claim settlements that are more reflective of true loss values, and are typically less than what the claim handlers might have paid otherwise in a less structured environment.

 

Casualty Calculators

• Inflation Factors - Cost of Living Adjustments (COLA) Future Value of a Lump Sum Investment Return Structures
• Life and Work Life Expectancy
• Medical Residual/Future Treatment Calculator
• Date/Time Calculator
• Present Dollar Value - Lump Sums or Accrued Amounts Paid Over Time
• Structured Settlement - Return on Today's Investment to be Paid Out at Some Future Date
• Structured Settlement - Total of Annualized Payments and Present Value
• Structured Settlement - Multiple Balloon Payments and Present Value to be Paid Out at a Future Date or Discounted to Present Value
• Structured Settlement - Structured Settlement Totals
• Survivor Benefits - Based Upon Survivor's Life Expectancy
• Worksheet - Case Reserve Exposure / Incurred Loss

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