Built upon best practice machine learning technology, the modelling processes adopted are used extensively in healthcare, insurance and financial services, where data varies and extremes are common.
PREDiCT Challenging the conventional claims handling model
Here at Weightmans we have long recognised that historic large loss claims data could be the key to delivering insights, shaping strategies and informing settlement offers. This realisation has led to the creation of PREDiCT - a predictive data and analytics capability developed by our in-house data scientists utilising data from over a 1000 individual claims harvested over a 10 year period and transforming it into actionable insight for our clients.
Unlock the potential of PREDiCT for the benefit of your business
Large loss claims present many significant challenges including rising claims inflation across portfolios, the need to reserve, often with limited insight into a claimant’s injuries and recovery and drawn out lifecycles, resulting in indemnity leakage.
These all impact on claims performance and bottom-line profitability. To tackle these challenges head on, we are transforming the conventional way of handling large loss claims.
How can PREDiCT help you?
Improved reserving accuracy
PREDiCT uses a Meta model trained on our significant data set to deliver optimum reserving in the context of a particular claim. Testing showed a 71% average improvement in reserving accuracy, achieving a global average reserve reduction of £285,000 per case when compared to file reserves.
Making the complex simple
PREDiCT mitigates the lack of claim information at initial reserving by modelling for different outcomes, enabling handlers to validate their own thought processes.
Accelerating settlement times
PREDiCT outputs can be used to inform early Part 36 offers without first gathering a body of expert evidence.
We believe the benefits of PREDiCT are clear - BUT we recognise that there will be concerns about its efficacy and compliance.
Lets talk more about PREDiCT
If you would like to speak to a member of our PREDiCT team for further information and to arrange a free demo, fill in our enquiry form and we will be in touch.Contact us