In managing individual or groups of cases there is often not only a need to predict volumes of claims, but also the values of those claims – the costs and damages. Statistically-based analytical models can be used to more precisely and consistently know the range of values most likely to be collected or paid out as compensation for loss or injury. Our approach is to work with existing or similar data for the case, to enhance that data using additional sources, and to work closely with subject matter experts to create models that best meet the needs of our clients. These models are based upon the reality of the historical past, but are augmented and improved by incorporating specialist knowledge, such as any specific rules or conditions in our clients’ case(s).
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