Casentric’s Severity Point Index™: A break-through for measuring casualty performance across injury types
June 4th, 2018 //
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 most basic measures to evaluate their performance on injury claims. The commonly used measure of average amount paid per injury claim isn’t meaningful or useful because it can vary significantly depending on the severity of injuries experienced in a given period. That’s now changed with Casentric’s new Severity Point Index™.
Our Severity Point Index™ is a unique, high-level performance indicator that allows our customers to normalize injury types for comparison. As the examples included below illustrate, the index shows the dollar amount paid per index point, where each index point reflects increasing severity of injury. It’s an easy and quick way for our customers to understand how well their claims organizations are resolving bodily injury claims across injury types.
When paired with our other data and reporting capabilities, CaseXpert® customers can drill down and see specifically where and why their performance varied in a period and what they can do to improve it.
If you’re interested in learning more about CaseXpert®’s Severity Point Index™, you can reach us at firstname.lastname@example.org or 877-433-4141 or visit www.casentric.com.