Notified BI Claims with latent unrecognised potential are one of the perennial concerns for Claims Managers.
Seemingly innocuous BI claims appearing at FNOL, or when a personal injury claim has been reported by either the Official Injury Claims Portal (OICP) or the MOJ Claims Portal, can prove to be anything but. Over time, these claims can suddenly demand a material increase in reserve and require urgent attention and appropriate management.
Large Loss claims can usually be readily identified at FNOL and allocated to experienced claims handlers to manage with adequate reserves input early in the claims process.
However, latent unrecognised potential presents a different challenge; they are difficult to identify early with key characteristics often being overlooked or inaccessible. Structured data analysis, the eye of an experienced claims handler and manual interpretation are often the only tools available. With experienced people at a premium, the problem is compounded by the vagaries of individual interpretation.
At 360Globalnet, we have developed algorithms that have proven to identify key characteristics commonly present within latent unrecognised BI claims. 360Retrieve, our unstructured data profiling tool, uses these algorithms and applies sophisticated weighting to accurately and consistently identify these claims.
Further, 360Retrieve doesn’t just assess claims at FNOL, the technology continuously reviews information and evidence throughout the entire lifecycle as new data arrives.
With 360Retrieve providing 100% access to available claims data, Claims Managers can have confidence that claims of this nature will be identified at the earliest possible time and flagged for specialist attention.
Get in touch today to find out how 360Globalnet can help you identify your latent unrecognised BI claims - all the time these claims remain unseen, their potential to cost more increases.