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Verisk’s piCalculator Generates £50 Million in Efficiency Savings for Customers

Verisk (Nasdaq:VRSK), a leading global data analytics provider, will showcase piCalculator, its solution for calculating schedules of loss for personal injury claims, in an upcoming London event on 11 October. piCalculator has helped lawyers, barristers, and large-loss claims handlers achieve approximately £50 million 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.”

The new release of piCalculator will be showcased at the Verisk office in London on 11 October.

About Verisk 

Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor’s S&P 500® Index. In 2017, Forbes magazine named Verisk to its America’s Best Mid-Size Employers list and to its World’s Most Innovative Companies list. Verisk is one of only seven companies to appear on both lists. For more information, please visit www.verisk.com.

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