Loss Cost

6/9/2020 - 3 min read

Insurance fraud detection in action: Identifying suspicious medical billing during the COVID-19 crisis

Taking a closer look at medical billing helps identify pandemic-related issues that can put patients at risk and negatively impact insurers’ bottom lines.

6/8/2020 - 2 min read

June 2020 preview: Historical catastrophe activity

According to the forecast, there’s a 69 percent probability that at least one major hurricane (categories 3-5) could make landfall along the entire continental United States coastline.

5/28/2020 - 4 min read

COVID-19 and workers’ comp: Managing rising claim volume and costs

With thousands of essential employees reporting to work—including health care workers—there could be an influx of workers’ comp claims related to the virus.

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5/11/2020 - 1 min read

May 2020 preview: Historical catastrophe activity

Last year was the most active May in the decade with seven catastrophes totaling more than $5.8 billion in insured losses.

5/1/2020 - 3 min read

Medical-related fraud and theft increase during COVID-19 crisis

Unfortunately, crisis is fertile ground for fraud, whether it be the opportunistic kind or organized criminal activity.

4/8/2020 - 1 min read

April 2020 preview: Historical catastrophe activity

With the start of spring, we look ahead to April and warmer weather, which often translates to more wind and thunderstorm activity. PCS® has designated 50 April catastrophes since 2010, which have resulted in approximately $41 billion in insured losses and more than 5.6 million claims.

3/31/2020 - 4 min read

How to get a handle on claims costs and complications with automated arbitration

The impact of the UK personal injury reforms, now set to take effect in August, is uncertain. The small claims track limit is expected to increase from £1,000 to £5,000; and it’s highly likely this will cause shifts in the costs of settling personal injury claims, claims volumes, and types of claims filed.

3/10/2020 - 5 min read

Stronger together: ISO and insurer collaboration still makes sense today

Learn how ISO Core Line Services, the insurance policy program of forms, rules and loss costs, can make your business stronger.

3/2/2020 - 1 min read

March 2020 preview: Historical catastrophe activity

Though winter begins to wind down in March, major storms remain a possibility along with other severe weather. In fact, last year PCS® designated one winter storm and three wind and thunderstorm events in March. The four catastrophes combined for 247,650 claims with $2.26 billion in insured losses.

2/27/2020 - 4 min read

Five data-driven strategies for fighting insurance claims fraud

As we enter 2020, the insurance industry looks much different than it did ten years ago.

2/10/2020 - 4 min read

How to optimise insurance claims and improve your customer’s experience

Customer expectations are continually evolving, no more so than in the world of insurance. Customers are increasingly digital-first and choosing services based on convenience. They’re seeking easier methods to both purchase an insurance policy and make a claim when they experience a loss.

2/3/2020 - 1 min read

February 2020 preview: Historical catastrophe activity

February can be an active month for catastrophes, with the threat of winter storms and wind and thunderstorm events.

1/27/2020 - 3 min read

Picture this: Get critical claim insights from vehicle location photos

As claims fraud persists—costing insurers approximately $30 billion a year—adjusters play an important role in identifying questionable claims early.

1/16/2020 - 5 min read

How to find fraud in insurance claims

For insurers looking to stem the $30 billion-a-year insurance claims fraud problem, early detection is key.

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1/15/2020 - 3 min read

Getting ahead of the claims game: Reducing the cost of personal injury claims, with or without delay to reforms

The 2018 Civil Liability Act is expected to take effect in April this year and is set to transform the handling of low-value personal injury claims in England and Wales. The Act seeks to control the growth of motor insurance premiums for “ordinary” motorists by reducing the cost of whiplash injury claims.