- PIP earned exposures and earned premium: Should these values be a combination of the 3 PIP coverage columns, or should they only reflect one of the PIP coverages?
We request 3 different limits related to PIP: MedRehab, WorkLoss, and Funeral. Notwithstanding the 3 limits, I've been thinking of PIP as one optional coverage. If that's true then I think the answer is "combined": they should provide exposures and earned premium for PIP altogether for a given policy. But if these are actually sold separately then they could provide limit, exposures, and earned premium for each PIP subcoverage (MedRehab, WorkLoss, Funeral)
- What columns are considered "categorical" for the data call in the sense that a new row will need to be created? We reviewed the listed examples but are still confused, and an explicit list of the categorical columns will allow us to remove any issues that could arise from misinterpretation.
Where the suggested DataType is "Categorical", that means we expect the values in that field are taken from a fixed set of codes or values. For example one field requested with categorical type is "severity" for a claim. We suspect each insurer has a way of classifying claim severity for their own purposes. Suppose insurer A uses a 3-point scale from 1=most severe to 3=least severe. Then insurer A should provide "severity" of 1, 2, or 3 for each claim; and along with their submission they should also provide a data dictionary explaining how 1, 2, and 3 are defined. -
At Fault Party Section (Rows 24–29): Could you please clarify what is meant by “non-policy holder claimant” and “other 3rd party”?
A “non-policy holder claimant” is a claim made by a 3rd party on the policyholder’s insurer.
Example: I rear-end John Doe, who has a different insurer than me. John Doe files a claim with my insurer under my liability coverage. Then John is a "non-policyholder claimant".
“Other 3rd party” is also be understood to be a party who is neither the policyholder nor intends to make a claim but is at fault.
Example: I have collision coverage. I get rear-ended by John Doe and I file a claim with my insurer under my collision coverage (making me the policyholder but not at fault). However, the at-fault party, John Doe, does not make any claim on my policy. Then John is an "other 3rd party." -
Incident Details Section (Row 36): Could you please define what is meant by “severity” in this context?
Severity is the financial cost or seriousness of a claim. It is an internal metric used by the insurer. The spectrum of possible severity values should be provided in a data dictionary.