The idea that dual or multiple discount rates might be appropriate for the assessment of damages in serious bodily injury claims has been around for a while. But recently, the government launched an official consultation to explore the idea further and gather opinion.
Whilst the possibility of any change is some way off, any move to apply such a regime would almost certainly affect the cost of live claims, and require a reassessment of the reserves allocated to them. Any legal or legislative change of this kind that affects the cost of outstanding and IBNR (Incurred But Not Reported) claims is a problem for insurers - with no opportunity to adjust the past premiums that must pay for those claims it is vitally important when such changes arise to rapidly understand the impact on outstanding reserves.
When an instance such as this arises, the requirement to rapidly identify all potentially impacted claims and re-assess their expected cost is paramount. A discount rate regime change is just one currently topical example, similar instances might involve developing case law that affects the calculation of damages or costs recoverable by claimants.
The specialised functionality in our technology provides invaluable insight to a portfolio and how it might be exposed to changes of this type. Our platform can ingest all of the unstructured data that arrives in a business; emails, letters, image metadata, expert reports and much more – and turn 100% of that data searchable and capable of analysis. Attributes present within individual claims are rendered searchable and reportable to provide a powerful insight to the ways in which the portfolio might be affected by a changing legal environment.
360Globalnet’s technology offerings are directed at enabling both optimal claim servicing functionality and insight to data. Both our platforms - 360Retrieve and 360Siteview - are now integrated together to deliver a single digital view of the claim process, multi-channel customer communication options and the ability to access all relevant available data in a fully searchable and analysable environment – this isn’t the future, its available now; and both 360Siteview and 360Retrieve can be readily and quickly configured to an insurer’s individual requirements.
If you would like to discuss how 360Globalnet could help deliver game changing functionality and analytical capability across 100% of available data in your business, get in touch to arrange an in-person or virtual demonstration.