The Jackson Reforms took effect one year ago. With nearly a year of lessons under their collective belt, Personal injury (PI) solicitors need to shift their thinking from surviving the imminent threat to their businesses, to setting strategies for profitable growth going forward.
Insurance Services Office (ISO) has released a new White Paper which highlights five key metrics firms can measure their performance against and look to gain advantage.
- Cuts to claim lifecycles by an average of 40 days
- Stage Two claim lifecycles halved – from 24 days to 12
- Settlements achieved within 5 minutes in 22 per cent of claims passing through the system
- Settlements achieved upon first counter-offer in 46 per cent of cases
- Reduced time elapsing from settlement pack to response by 70 per cent on average
The statistics are from ISO clients who have seen these five key benefits using PICAS Plus, and translate to lower costs per case and the ability to handle more clients with fewer resources – exactly the balance firms need in order to start reclaiming the profits eroded by the reforms.
The white paper is available from ISO for free download here.
About ISO
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
For more information, visit www.iso.com and www.verisk.com.
If you would like more information about ISO services, please contact : Mark Strang, Tel: 01252 761055 mstrang@iso.com
