Does Allstate use colossus?
Colossus is a computer program that some of the largest insurance companies like Allstate are using to estimate personal injury claims from auto accidents. As such, Colossus allows Allstate, Aetna, USAA, and any auto insurance company that uses it, to artificially drive down injury values.
What is Colossus personal injury?
The Colossus personal injury calculator is a computer claims software program that many auto insurance companies use to generate a range of what a settlement value is for an injury based on various factors and location. This is all obviously incredibly unfair for car accident injury victims.
How are insurance payouts calculated?
The basic formula insurance companies use to calculate auto accident settlements is: special damages x (multiple reflecting general damages) + lost wages = settlement amount.
Do attorneys use colossus?
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.
Why do insurance companies use the Colossus calculator?
These insurance companies use Colossus as a “cost containment” as a weapon to increase profits even more at the expense of injury victims, including their own insureds. Colossus also has the flexibility that allows insurance companies to fine-tune the results. Numbers are coming back higher than the insurance company thinks they should?
How does the Colossus work for Allstate Insurance?
Allstate’s adjusters controlled the information fed into the Colossus program and in turn, they reduce the benchmark or baseline values by only inputting the lowest settlement amounts. There is a range of possible values, from low to high, that must be considered when estimating the size of the claim.
How is accident and settlement information used in Colossus?
What’s more is that the accident and settlement information used in Colossus is the private property of the insurance companies using the software. Therefore, there is no way to make sure that the accident descriptions are being entered impartially.
Is the Colossus system unfair to personal injury victims?
All civil claims are about reducing the human experience of suffering into a dollar amount. However, using Colossus to evaluate personal injury claims can be unfair to personal injury victims. Colossus considers some preliminary matters before looking at your case.