FICO® MIRA™ Claims Advisor for Reserving
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FICO® MIRA™ Claims Advisor for Reserving

Imagine that all of your reserve predictions are automatically made by your most experienced adjuster based on file facts and costs from 10 years of your claims data. FICO MIRA Claims Advisor for Reserving consistently and accurately predicts reserves and enables timely and defensible premium adjustments and rate assignments.
Key Benefits
  • Consistently apply best reserving practices
    Automatically enable best reserving practices, independent of adjuster skill and experience. Allow your adjusters to consistently and accurately set reserves when claims are opened and consistently manage claim costs, especially during the crucial first 18 months after a claim is reported.
  • Better estimate reserves for actual claims costs
    Ensure that reserves closely predict ultimate claim costs at the individual claim and aggregate levels, reducing risk exposure and enabling timely and well founded premium adjustments and rate assignments.
  • Improve adjuster productivity Relieved of the time-consuming process of completing worksheets and performing rule-based reserve calculations, adjusters can devote more time to managing claims and providing excellent customer service.
Feature Highlights
  • Delivers unprecedented accuracy with proven modeling techniques
    MIRA combines non-linear predictive models, statutory logic and business rules to automatically deliver reserve predictions that are accurate and that conform to applicable law, regulation and reserve policies. MIRA captures claim cost drivers and complex relationships between multiple claim characteristics.
  • Responds quickly to changes in claim facts
    As new claim information emerges, MIRA automatically distinguishes between inconsequential data and cost drivers, and re-predicts reserve requirements accordingly. Timely reserve adjustments reduce the risk of inadequate funds and ensure that opportunities for premium and rate modifications are not missed.
  • Predicts reserves at multiple benefit levels
    MIRA predicts reserve requirements at custom and industry-standard benefit levels, including Medical, Indemnity (Temporary Disability, Permanent Partial Disability, Permanent Total Disability, Death), Vocational Rehabilitation and Allocated Expenses. Prediction of reserves at multiple benefit levels enables more effective management of claims and claim costs.
  • Accelerates dispersal of bulk reserves to individual claims
    Improved reserve accuracy for individual claims enables acceleration of the dispersal of funds from bulk reserves to individual claims. Insurers can more accurately assign losses to specific employers while reducing bulk reserve levels, freeing funds for more flexible investment.

Speak with a FICO representative about our solutions and your business needs by calling us:

US (toll free): +1 888 342 6336
International: +44 (0) 207 940 8718

Or email us using the form on this page. We look forward to speaking with you.
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