New white paper available for download: The Jackson reforms – Happy anniversary?

Print This Post

8 April 2014


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.

  1. Cuts to claim lifecycles by an average of 40 days
  2. Stage Two claim lifecycles halved – from 24 days to 12
  3. Settlements achieved within 5 minutes in 22 per cent of claims passing through the system
  4. Settlements achieved upon first counter-offer in 46 per cent of cases
  5. 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



Associate News is provided by Legal Futures Associates.
Find out about becoming an Associate



Legal Futures Blog

Lawyers must now draw on the data and drive change

Chris Marston 2014

The results from this year’s legal services consumer tracker survey make for interesting reading. In its sixth year, the research finds that a firm’s reputation continues to grow in importance, holding its top slot as the number one factor influencing choice of lawyer, with price remaining a strong second, reflected in a shift towards higher numbers of fixed-fee transactions. Alongside, it reports that trust in lawyers has declined to 42%, from 47% in 2012. It’s useful information as far as it goes, but what is the sector going to do with it?

September 26th, 2016