Pibit.ai vs. Loss Scan: Choosing the Right Loss Run Analysis Solution

Template Agnostic: You need a solution that can extract data from any loss run format, from any carriers/agencies, and can adapt even if the terminologies or format change. This is particularly important if you work with a variety of insurance carriers, as loss run report formats can vary significantly.

Collated Loss Summary Information: You need a solution that can extract and collate all information into one standard format. For example, if a submission contains five loss runs from different carriers, you would need one loss summary report instead of five. This can significantly improve efficiency in your underwriting workflow.

Accuracy: Extraction should be verified by experts to provide 100% accurate data, which can then be fed into a rater to ensure precise pricing. Inaccurate data in your loss run reports can lead to costly mistakes down the line.

Ease of Use: Carriers/agencies need a solution that can be easily integrated into their current system or workflow without requiring any changes. This means no additional training for underwriters. Ideally, your chosen loss run extraction software should seamlessly integrate with your existing systems.

Underwriting Analysis: Beyond loss summaries, carriers/agencies need analysis to help underwriters or their risk control team reduce loss ratios. For example, underwriters can check where accidents are happening, how many claims have a lag time of more than a certain number of days, and why the accidents happened. Gaining insights from loss run data can empower underwriters to make more informed decisions.

Risk Team Analysis: The risk team can analyze the entire book of business by combining loss runs with premium and exposure information to understand trends. These insights can help improve underwriting guidelines. By leveraging loss run analysis, risk teams can identify patterns and trends that might not be readily apparent otherwise.