| Estimating the value of a new claim |
Estimating
the value of a new claim.
Author: matrix jones
A personal injury compensation
claim is reported every few minutes whether this be a
motor accident or an accident at work or other cause.These accidents
must be recorded and as much information should be taken from the
source including details of the source itself.
All the facts taken down is vital to the insurance company concerned
for the purpose of estimating the potential of the personal injury compensation
claim.After careful analysing of the information a figure must be
produced for reserve purposes.
The company relies on the accuracy of their estimates for the purpose
of generating their reserves and the reserves are crucial to the
stability of the company itself.If the company over-reserve that means
that it is setting aside too much funds to cover it's potential
liabilities.
On the other hand if there is under-reserving then not enough funds are
being set aside to cover future liabilities.The company relies on their
claim staff to accurately generate these estimates following report of
a accident.
This process is a fundamental first step in the claims process and the
accuracy of an estimate will depend to a large extent upon how
experienced the claims negotiator is and the training and skills he
brings to bear in the analysis of the details.
In a number of cases he must proceed on very limited information which
may have been reported to him over the phone.He must record that
information and set up a claim file and attach an estimate for the
injury based upon the information provided.
This is not the only
opportunity he has to assign an estimate to the file but the timing of
the accident to an important factor such as renawal of the policy could
deprive him of many more chances to revise the estimate.
The insurance company could lose the client at renewal if the renewal
premium proves too expensive based on the claims experience of which
this recent accident and the estimate attached to it determined the
renewal premium.
So you can see how fundamental it is the make an accurate assessment of
the estimate as on the one hand it could contribute to jepordise the
stability of the company in the long term and it could affect
short-term profitability in the interim.
So what are the factors to be taken into account in assessing the
estimate to any personal injury compensation
claim? As I mentioned earlier a claim
can arise from any number of sources for example a road accident claim
or an accident at work claim.
A number of personal injury compensation
claims are due to slipping
accidents in supermarkets or are due to trips on the highway.
The
factors to consider include the following:
-the nature and extent of the
injury for instance is it fatal
- or are we looking at a serious and
substantial injury such as fracture of major bones,
-tibia,humerous,tibia
or minor injuries involving cuts and bruises?
How old is the victim and
in the case of a fatality are there any dependants eg young children
who rely on the victim for financial support? Are the injuries serious
enough to entail time off work and for how long is it expected he will
be unable to retun to work?
Are there any facial scars and what is the
sex of the victim as facial scars in the case of a young woman is very
significant financially.What is the victim's occupation?
Is he a
professional piano player as injuries to the hands or fingers could
entail a significant personal injury claim if it spells the end of the
victim's career.
What are the actual circumstances of the accident? Are there any
factors that may affect the liability position such that an argument of
contributory negligence could be raised against the victim?
Are there
any solicitors involved on behalf of the victim such as one of those no
win no fee claims lawyers.Or is the victim mounting his personal injury
compensation
claim on his own?
In the case of personal injury damage claims where there are no
solicitors the estimate can be reduced to reflect the corresponding
savings on solicitors fees.
The personal injury claims average payout is
considerably less for the average claimant unless he either seeks legal
advice or has access to information such as
'The
Personal Injury Claims
Guide for DIY Claimants' at
www.personalinjuryclaimsguide.com . The
guide is written by an experienced personal injury claims controller to
assist people in settling personal injury claims without the
involvement of a solicitor.
|
"Personal
Injury Claims Guide - Win And Keep 100 Percent of Your Personal Injury
Compensation". personal-injury-claims-guide"Personal Injury Claims
Guide Reveals ...
read
more
How Much Is My Personal Injury Solicitor Worth? By: Matrix Jones The
thought that comes to most peoples’ minds after ...
read more
Estimating the value of a new claim. Author: matrix jones A personal
injury claim is reported every few minutes whether ...
read more
Part 36 Offers - Payment Into Court. If you are involved in civil
litigation with a party and is locked ...
read more
No Win No Fee There has been much discussion about no win no fee claims
but still the public do ...
read more
|
|
|
Disclaimer:
The Publisher has strived to be as accurate and complete as possible in
the creation of this website, notwithstanding the fact that he does not
warrant or represent at any time that the contents within are accurate
due to the rapidly changing nature of the Internet.
This site
is a common sense guide to Estimating the value of a new claim. In
practical advice websites, like anything else in life, there are no
guarantees of income made. Readers are cautioned to reply on their own
judgment about their individual circumstances to act accordingly.
This site
is not intended for use as a source of legal, business, accounting or
financial advice. All readers are advised to seek services of competent
professionals in legal, business, accounting, and finance field.
Any
perceived slights of specific people or organizations are unintentional.
|
