When you submit a claim to an insurance company, whether it is from a slip and fall or an auto accident or any other personal injury claim, the insurance company receives all of your documentation relating to your injuries and they have to evaluate it. Most people assume that the adjusters themselves review all of the documentation and give an offer based on their determination. While that is sometimes the case, some insurance companies rely on a computer program to do this for them. This is called colossus. This blog will give you more information related to colossus and how it works.
What exactly is colossus, and how did it start?
Colossus is the insurance company software which tells adjusters how much a case is worth. Almost half of the claims submitted in the United States use this software or similar software to assist adjusters. Your attorney will take all of the records and bills and submit them to the adjuster. The adjuster will then in turn take all of this information and put it into the software. This software will analyze all of the data and spit out a number that the adjuster will then present to you and your attorney to settle. In addition to simply looking at your injuries and bills, colossus also keeps track of the attorneys. It knows if the attorney you hire has a track record for accepting the highest settlement they can get, or if they have a history of refusing that offer and sending the case into litigation. Colossus will look at the jurisdiction where the accident occurred and see what other settlements have been for similar cases. It will look at the specific injury codes on your medical bills to determine the value of each of them.
Does colossus always get the settlement amount correct?
No, it does not. And that is one of the main reasons it is always best to have a good relationship with the adjuster themselves. The adjuster is the one putting the information into the software, and as we all know, humans make mistakes. If the adjuster does not put in codes correctly, or misses codes, this will affect the amount that colossus is willing to offer to settle your case. You should always make sure that the adjuster does not miss anything. Run over the records and bills with the adjuster in person and make sure they are considering everything.
Why do insurance companies use colossus?
Insurance companies use colossus to keep settlements uniform across the board. Insurance companies are all about keeping as much money for themselves as they can. Even though you may be a loyal customer and pay your premium every month, they are not about to simply give you the money you need. They take pride in settling claims for far less than what they are worth, and if they can keep settlements uniform across the board, they can save money. An auto accident in Tampa, Florida that resulted in one epidural steroid injection in their eyes should have the same value as a similar case in the same geographic area. They do not want one adjuster paying thousands more for the same case to someone else.
How do you combat colossus?
The best way to get around colossus is to hire an attorney who knows the system and how it works. An attorney who knows how to draft an effective demand package will be able to ensure that the colossus program gives you the full value of your claim. The attorneys at the Lopez Law Group are skilled and know how colossus works. They can effectively put together a demand on your behalf to ensure that you get the most out of your injury claim. We can be reached at 727-933-0015. Our attorneys are standing by and are ready to speak to you today! Do not let the insurance company take advantage of you in your time of need. You pay your premium every month on time, and you expect that you will get fair compensation from them when you decide to use your benefits. Connect with our experienced attorneys today.