Claim quantification modelling
Conducting a policy stress test provides a natural foundation for the development of Claim quantification models which are particularly valuable for businesses who may experience difficulty in fully documenting or evidencing a loss.
We work with you and insurers to agree a formula or basis of loss measurement that all stakeholders agree provides an indemnity for the loss suffered in a pre-loss environment, without the pressure of an ongoing claims adjustment process.
The typical reasons for businesses requiring Claim quantification modelling include:
- Concerns regarding their ability to measure and evidence the extent of the loss suffered following a major loss.
- The complexities that may arise from the number of revenue streams involved, the volume of data that might need to be reviewed to measure the loss, the nature of the insured business, and the drive for loss mitigation where economic analysis of the expenditure might be difficult to determine.
- The business has defined timelines for claim payment and needs to accelerate the normal settlement process.