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• OHIO TO JOIN 38 OTHER STATES THAT BAN TEXTING WHILE DRIVING
• APPLYING THE COMMON FUND DOCTRINE TO REDUCE MEDPAY LIENS HELD BY INSURERS
• INSURANCE BAD FAITH CLAIMS IN OHIO
• OHIO WRONGFUL DEATH CLAIMS REQUIRE SWIFT ACTION

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• The Importance of Witnesses in an Ohio Personal Injury Case

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What is “Colossus” and how do insurance companies use it to value my personal injuries?

Colussus is a software program used by many of the top auto insurance companies to calculate the settlement value of car accident, truck accident, and motor cycle accident injury claims in Ohio and Nationwide. The insurance adjuster assigned to your case likely relies on this program or a modified version to some degree when making a settlement offer.

Insurance companies have been fighting to keep this program and its inner workings a secret since its invention in the mid 90's. However, much has still been learned through other attorneys who have been involved in bad faith cases against insurance companies and former insurance employees.

Insurance companies have been using computer programs like Colossus for years in justifying their low settlement offers in personal injury claims. The program was initially developed by one of the top insurance companies with a goal of maximizing profits at the costs of its insureds and the people who make claims against its insured's. Different companies give different weight on these Colossus programs. Essentially the program works with the adjuster entering certain data fields about a given claim and then the program spitting out a number range which represents the value. Colossus has been used by the insurance industry since the mid 1990's to reduce the size of settlements. Between 1995 and 2005, "the amount of money Allstate paid out per premium dollar in car accident cases declined from 63 cents to 47 cents, according to A.M. Best." (BusinesssWeek, "In Tough Hands at Allstate," May 1, 2006).

The biggest data factors relied on by Colussus in determining a settlement range are: severity of injuries, the history of the lawyer, venue of where the accident happened, length of treatment, symptoms, type of treatment, impact on work and home life, future impairment, medications and length of use, as well as many more.

For more information about this subject go to www.Chesterlaw.com and request a copy of my free Book entitled The Insider's Guide to Handling Ohio Accident Claims. You can also order my free DVD entitled What you should know about motor vehicle injury claims. Both the free Book and free DVD describe in more detail what you need to know to protect your rights NOW.

Call the experienced personal injury attorneys at Chester Law Group today to get the help you want from people you can trust (800) 218-4243.

Contact us today for a FREE, NO OBLIGATION consultation about your personal injury legal needs.

Videos

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