Cost of Insurance Claim

Challenges
Solution
Why LogicPlum

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Challenges

Insurers face estimations that seriously affect their financial statements. These range from differences between initial and final claim amounts to estimates of Incurred But Not Reported (IBNR) claims, which are the amounts of valid claims still not reported. Similarly, there are other amounts which may not fully reflect the current financial situation. For example, incurred Losses do not consider IBNR in its calculation, affecting the estimation of loss reserves.

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Opportunity

LogicPlum provides a platform that allows organizations to build predictive models that can accurately estimate the final amount of a claim. Consequently, it provides a way to calculate Loss Reserves, predicts Incurred But Not Reported loss amounts, and create more efficient insurance pricing models.

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Why LogicPlum

LogicPlum platform allows organizations to develop models that can predict the final cost of a claim at the time of filling it in. This platform also will enable analysts to build models that are capable of considering text inputs, such as clauses, providing a full picture of the insurance case.