LexisNexis® Risk Solutions talked to leading insurance claims executives who identified the need for access to claims data so they can compare their company’s performance to that of local and state markets, as well as the industry. According to carriers, existing information is dated, making timely tracking of claims performance to the industry very difficult, and impeding ability for automation.
With access to millions of transactions, LexisNexis® Risk Solutions is in a unique position to provide current industry-wide claims trend data, and we are pleased to introduce a new monthly benchmarking blog for claims professionals so that they have the just-in-time data needed to rapidly view countrywide industry trends. Additionally, LexisNexis Risk Solutions clients implementing real-time claims data enjoy deeper level data views at state and market levels to support their digital transformation and modernized workflows.
Collision Severity, Property Damage and Bodily Injury: A look at 2019 Claims
In this inaugural blog, our data scientists looked at internal collision severity and property damage data for 2019. Additionally, we are providing a July 2019 YTD view on bodily injury claims paid and closed withing 180 days. We base this information on claims paid and closed, at a coverage level, and within a specific window of time. The statistics provided below are all based on this internal research.
Auto Insurers see Increased Severity in Collision, Property Damage, and Bodily Injury Claims with Slight Decline in Property Damage Claim Counts in 2019
Year-over-year, auto insurance carriers saw a 6.8% increase in collision severity in 2019. Additionally, there was a 4.5% increase in the number of collision claims paid and closed over the same period. “Three states saw the largest increase in collision severity: Oklahoma (10.8%), South Carolina (10.5%), and Delaware (9.8%). Conversely, West Virginia (1.0%), North Dakota (1.7%), and Colorado (2.4%) saw the lowest increase in collision severity,” said Reena Batra, Director of Data Science – Claims for LexisNexis® Risk Solutions
Property Damage Severity
Across the industry, carriers saw an increase of 6.5% in property damage severity while the number of paid and closed claims decreased slightly by 0.4%. “We saw that Hawaii (12.2%), Arkansas (10.6%), and Washington State (9.8) saw the largest increase in property damage severity year over year. West Virginia (1.8%), South Dakota (3.1%), and Maine (3.3%) saw the lowest increase in property damage severity,” said Batra.
Bodily Injury Severity
In terms of bodily injury severity, insurance carriers saw a 6.5% increase as of July 2019 while the number of claims paid and closed increased 5.9% from 2018 to 2019.
LexisNexis® Risk Solutions is pleased to support claims automation initiatives across the industry with timely reporting of results. The 2020s will see claims automation grow at a pace that far exceeds any prior years. It’s more important than ever to partner with a data provider that is committed to providing data driven insights to help insurers automate claims processes with confidence.
I encourage you to reach out to your LexisNexis Insuranace claims account representative for insights on automating your claims process with confidence utilizing carrier-specific reporting on key performance indicators.*
*Expanded views are available for LexisNexis® Claims Discovery users.