The latest data from the Official Injury Claim Portal (OICP) has been recently published, covering the period from 1st July to 30th September 2022. During this period, on average 24,000 claims were registered, 91% of which were represented.
Total claims now registered in the Portal stand at 351, 049, of which nearly 70% of claims submitted are for whiplash and tariff. Of these submitted claims, 15% of cases have settled.
We will continue to see an increase in settlements as claims mature as well as when the Court of Appeal report on their guidance on the selected test cases on how claims with whiplash and tariff type injuries are to be valued. Once this guidance has been issued, our prediction is that we will see more cases progressing to Stage 2 – so more medical reports.
360Retrieve will give you unprecedented insight into your whole portfolio of bodily injury claims - not just claims with OICP but MOJ claims as well as any Large Loss Claims. Along with our detailed “Know Your Opponent” (KYO) intelligence, our KYO analytics will drive more informed and data driven claims strategies, best practices and more efficient operational processes for better settlement outcomes and emerging pattern and trends as they happen.
The additional benefit is the ability to automatically extract data from any document format, such as all OCIP and MOJ documentation including medical reports, credit hire settlement packs and invoices. This enables insurers to have more efficient processes to assess and manage all types of claims.
360Retrieve machine reads all claims records 24/7, providing you with access to 100% of your available data, providing real time feedback on situations you need to be aware of throughout the life cycle of a claim
To see how 360Globalnet’s technology and service offerings could help you managing all types of claims, please get in touch to organise an online or in-person demonstration and discovery session.
Useful links:
360Globalnet on the OICP
360Retrieve - Access and unlock ALL you data, both structured and unstructured
