Fair Isaac Corporation, a provider of analytics and decision technology, announced that Workforce Safety & Insurance (WSI), the exclusive provider of workers’ compensation insurance in the state of North Dakota, has licensed Fair Isaac’s MIRA Claims Advisor for Reserving technology.
The analytic claims reserving solution will reportedly help Workforce Safety & Insurance consistently establish more accurate loss reserves earlier in the life of its claims, resulting in improved financial performance and profitability.
According to a study by the National Council on Compensation Insurance Inc. (NCCI), the reserve deficit of the property and casualty industry amounts to more than $30 billion. Carriers must carefully calculate their potential risk exposures in order to set aside enough money to cover those losses.
Fair Isaac’s MIRA Claims Advisor 2.0 reserving models will reportedly help WSI predict reserves closely to the actual claims costs, thereby preventing over- and under-reserving of funds used to pay its workers’ comp insurance claims. MIRA models also will enable the payor to make timely modifications, premium adjustments and rate assignments as well as rapid recalculations of reserves in response to new data, resulting in greater accuracy and consistency.
WSI will use MIRA 2.0, Fair Isaac’s next generation predictive reserving models, accessing reports and data via a Fair Isaac hosted Application Service Provider (ASP) delivery method.
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