14th October 2018

Verisk showcases piCalculator, its solution for calculating schedules of loss for personal injury claims

Verisk showcased piCalculator, its solution for calculating schedules of loss for personal injury claims, at a London event this week. piCalculator has helped lawyers, barristers, and large-loss claims handlers achieve approximately £50m in efficiency savings.
piCalculator is a powerful all-in-one software solution that handles all calculations in the injury claims process, producing detailed reserve calculations without the need for complex, manually produced spreadsheets. The solution has been widely praised for mitigating the impact of last year’s unexpected discount rate changes to the injury claims sector, saving time and money through near-instant rate updates for all complex claims.
The latest release of piCalculator should further improve readiness for every eventuality in the claims process, allowing users to run multiple claims scenarios for greater insight into the impact of various factors. These insights help organisations maintain appropriate reserves while maximising profitability by gaining greater visibility into their book of business. Further integrations with the ISO Claims Outcome Advisor suite will provide enhanced injury classifications and data analytics into large-loss claims for the first time.
“Since 2008, we have evolved piCalculator from a toolkit designed to support claims handlers into an unrivalled end-to-end solution for calculating damages and settling large-loss claims,” says Mark Hewitt, creator of piCalculator and director at Verisk. “With the new release, piCalculator is set to further strengthen its position in the legal sector and deliver even greater insights into injury claims for insurers. As the discount rate looks set to undergo regular adjustments, piCalculator serves to offer the most effective and efficient alternative to investing significant time, effort and money into manually calculating the effect of rate changes.”

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