Casentric Articles

Own The Anchor

March 14th, 2019// By: CaseXpert

Sail to Improved Settlements!  Anchoring occurs in third party settlement negotiations when one side throws out a number in an effort to influence—or “anchor”—the way the opposing party values a claim. Our experience shows that anchoring directly affects the settlement value of injury claims, so it’s critically important for insurance adjusters to “own the anchor" in negotiations. The research below will surprise you! What Drives Anchoring? Anchors come in many varieties, but we find that...

3 Habits that Hurt Negotiation

February 5th, 2019// By: CaseXpert

Simple Changes Improve Settlement Outcomes Humans are creatures of habit, even at work. Our data show that many adjusters have behaviors so ingrained, that they’re industry norms. Three of these widely used tactics, or habits, in negotiations invariably produce ineffective (or failed) outcomes. The good news is that when these tactics are avoided, settlement outcomes improve dramatically. Below are the habits and corresponding behavior modifications that can benefit your company....

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14 Minutes Until Litigation!

January 10th, 2019// By: CaseXpert

Avoid It With Data and Negotiation Skills While recently evaluating customer data, Casentric discovered that on average, it takes less than 14 minutes, in two negotiation phone calls, before a plaintiff's lawyer decides to proceed to litigation in a bodily injury case! Here's how data and negotiation skills can stop litigation and the associated costs. Time Flies 14 minutes goes by quickly. Consider that claims adjusters typically invest hours into the intake, investigation, review and preparation of...

Skyrocketing Medical Bills from Third Party Injury Claims Evaluating and resolving hospital and medical bills in third party injury claims is a growing problem for the insurance industry. Rising medical costs make up over 50% of the average personal injury settlement in the United States. This article explains why controlling the medical components of a claim has become an ongoing battle and how, armed with knowledge and data, insurers can reverse the...

CaseXpert® Data Drives Results

June 27th, 2018// By: CaseXpert

Significant Cost Reductions in Injury Settlements A great deal of attention is being paid to the potential for artificial intelligence and predictive analytics to help control costs in the property and casualty insurance industry. Every week, webinars, conferences, articles and more tout AI as the next promising technology that will lead insurance companies to a land of lowered costs and perfect knowledge. Insurance companies are investing real time and money...

We’ve noticed that most insurers’ injury adjusters struggle to keep up. They are challenged to find uninterrupted time to organize, research and prepare cases for settlement due to: Increased regulatory and legal compliance requirements, greater medical buildup, and larger medical packages Increasingly complex medical records caused by rising costs, an increasing number of types of treatment, and more visits These challenges hinder the adjuster’s ability to prepare a carefully considered...

CaseXpert®, our cloud-based software application that helps companies resolve third party personal injury claims more intelligently and for less money, just got an upgrade.  We’ve developed a new way for our customers to measure their performance across all injury types in real-time. Here’s the issue:  Carriers express frustration that they can’t compare settlement outcomes across different injury types.  In fact, nearly every claims organization we speak with lacks even the...

Insurance Thought Leadership’s Six Things Blog

August 2nd, 2017// By: CaseXpert

Insurance Thought Leadership (www.insurancethoughtleadership.com) has selected Casentric as an innovator to watch in its July 2017 blog, which can be found at http://blog.insurancethoughtleadership.com/blog/six-innovators-to-watch-july-2017.  Honorees are drawn from among the nearly 1,500 InsureTech companies that are featured in Innovator’s Edge, a technology platform created by ITL to drive strategic connections between insurance providers and InsureTech innovators.

Insurance Thought Leadership: Six Things Post

March 24th, 2017// By: CaseXpert

Insurance Thought Leadership (insurancethoughtleadership.com) republished Jim Kaiser's "A Blueprint for Casualty 2.0" on March 24, 2017.  The post can be found at http://insurancethoughtleadership.com/building-the-cas2-0-organization/.

Casentric December Newsletter

December 20th, 2016// By: CaseXpert

Negotiation Tips for the Claims Professional Think differently about the current negotiation framework We have interviewed a lot of adjusters and managers in claims organizations nationally. We’ve also looked at countless files. These are all telling the same tale…..despite a changing landscape of personal injury claims, adjusters still use the same approach to negotiating.  There are plenty of ways negotiations can be mismanaged.   Read more:  Casentric December Newsletter