Insurers managing personal injury claims may soon see changes in financial exposure and reserve strategies as Weightmans LLP rolls out PREDiCT Volume, a data tool that pilot tests show could cut indemnity spend by £3.82 million and reduce capital lock-up by an estimated £18.7 million.
The tool, developed in-house by Weightmans’ data science team, is designed to support the management of low-value claims in motor, employer’s liability, and public liability, with a value threshold of up to £50,000.
It builds on the firm’s existing analytics platform, PREDiCT Large Loss, which was launched in July 2021 and delivered reported savings of £101 million for insurers in the past year.
Pilot results from PREDiCT Volume indicate improved reserve accuracy compared to traditional estimates. Handler-approved reserves during the pilot period were nearly 59% higher than the final settlement values.
In contrast, projections generated by the new tool were only 8.6% above the amounts ultimately paid. The difference, based on the pilot portfolio, was linked to a reduction in tied-up capital estimated at £18.7 million.
The technology also showed an impact on claims duration. Claims managed with PREDiCT Volume were closed 14% faster on average, suggesting operational efficiencies in processing. The same pilot indicated £3.82 million in projected indemnity savings across the relevant case sample.
Will Quinn, partner at Weightmans and project lead, said the tool was intended to support better decision-making in high-volume, lower-value cases.
“This isn’t just about technology for its own sake, it’s about helping insurers make better decisions that ultimately lead to better outcomes,” said Quinn. “The pilot data speaks volumes, and we’re confident PREDiCT Volume will set a new standard in claims analytics.”
PREDiCT Large Loss has been used to analyse over 140 complex cases settled between July 2021 and December 2024. Weightmans reported a 7% reduction in the median lifecycle of those claims, along with gains in reserve accuracy and indemnity cost reduction.
The firm also recently deployed PREDiCT 2.1, an updated version of its analytics tool incorporating 12 months of additional claims data and updated claims inflation figures. According to Weightmans, internal testing of the revised model demonstrated further improvements.
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