short term solution to reduce LAE
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reduce expenses by offering settlement payments instead of paying for
investigation and legal defense
Claims file reports
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- made for various parties (internal reports, large loss reports)
- preliminary, status, and summarized reports may have attachments
- some external reports for producers, advisory org, etc
,blockchain
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a digital ledger that facilitates secure transactions without the need for a
third party (ex: 1 car has 6 diff insureds/policies on it --> must be stopped)
special investigation units
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set up to investigate suspicious claims, premium/application fraud, etc
mandated by some states
First notice of loss (FNOL)
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the initial report notifying the insurer of a claim
some states have time requirement for assignment/acknowledgement of
claims
right of subrogation
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, the right of an insurer, who has paid an insured's claim, to request
reimbursement from either the person who caused the loss or that person's
insurer (if proven that the loss was not insured's fault)
data mining techniques
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classification: categorizing members of a dataset based on known
characteristics
regression: a statistical technique that predicts a numerical value given
characteristics of each member of a dataset
association rule learning: examining data to discover new and interesting
relationships
cluster analysis: using statistical methods, a computer program explores
data to find groups with common and previously unknown characteristics
3 types of legal approaches
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mediation: neutral mediator to reach settlement
appraisal: professional appraiser evaluates dollar portions
litigation: court, creates a binding decision
pre-trial motions
Give this one a try later!
Give this one a try later!
reduce expenses by offering settlement payments instead of paying for
investigation and legal defense
Claims file reports
Give this one a try later!
- made for various parties (internal reports, large loss reports)
- preliminary, status, and summarized reports may have attachments
- some external reports for producers, advisory org, etc
,blockchain
Give this one a try later!
a digital ledger that facilitates secure transactions without the need for a
third party (ex: 1 car has 6 diff insureds/policies on it --> must be stopped)
special investigation units
Give this one a try later!
set up to investigate suspicious claims, premium/application fraud, etc
mandated by some states
First notice of loss (FNOL)
Give this one a try later!
the initial report notifying the insurer of a claim
some states have time requirement for assignment/acknowledgement of
claims
right of subrogation
Give this one a try later!
, the right of an insurer, who has paid an insured's claim, to request
reimbursement from either the person who caused the loss or that person's
insurer (if proven that the loss was not insured's fault)
data mining techniques
Give this one a try later!
classification: categorizing members of a dataset based on known
characteristics
regression: a statistical technique that predicts a numerical value given
characteristics of each member of a dataset
association rule learning: examining data to discover new and interesting
relationships
cluster analysis: using statistical methods, a computer program explores
data to find groups with common and previously unknown characteristics
3 types of legal approaches
Give this one a try later!
mediation: neutral mediator to reach settlement
appraisal: professional appraiser evaluates dollar portions
litigation: court, creates a binding decision
pre-trial motions
Give this one a try later!
