Predictive Modeling and Personal Injury Law
A personal injury lawyer must always be on the lookout for new trends that might affect their practice. One such trend is the growing reliance of insurers on predictive modeling.
While a personal injury lawyer might decide to work for clients who are being given the runaround by an insurance company, others work for the insurers. The insurance industry, and any personal injury lawyer who is employed by them, is beginning to use the predictive modeling process. Essentially, predictive modeling is a high tech way to manage enormous amounts of data. It allows users to find hidden connections between various factors that can affect the outcome of a claim. Accordingly, an insurance company might make a settlement offer based on the many variables that are involved in predictive modeling.
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Insurers have always used vast amounts of statistics to help them determine how much to charge for policies. However, with the use of predictive modeling, they are including data that doesn’t initially appear relevant. This can make the job of the personal injury lawyer somewhat more difficult. That’s because it’s getting harder for the client and the personal injury lawyer to see the rhyme and reason behind an insurance settlement offer. Because the insurer is reluctant to disclose all of the factors that contributed to the offer, it becomes more difficult for the client to interpret the offer and whether or not it is reasonable.
This is one of the reasons why a personal injury lawyer is so indispensable to the claims process. While it might be a bit trickier for the personal injury lawyer to figure out why an insurer is making a particular offer, no one is better qualified to get to the bottom of the question. Moreover, a personal injury lawyer has the skills and knowledge required to successfully negotiate a better settlement. Without their assistance, it would be impossible for the average person to determine whether or not an offer is fair.
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The O’Connor Law Firm has the know-how to get you the results you deserve. Matthew J. O’Connor has been recognized as one of the top 100 trial lawyers in the U.S and he can help to make sure you’re protected. Call (816) 842-1111 to set up a consultation.