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PRISM develops Program Performance Reports to make claim data usable
The standardized reports consolidate claims, exposure, reserves, IBNR estimates, and loss trends across pooled and excess layers to help public agencies and governing committees use actuarial information.
Risk & Insurance says public entity risk pools face mounting financial pressures, including escalating claim severity, higher litigation costs, and tighter budgets, while the risk environment becomes more complex.
The outlet describes how PRISM, which administers multiple programs, built its Program Performance Reports to address a long running problem: claims and actuarial data often sat across different systems or in technical, hard to interpret spreadsheets and reports.
Risk & Insurance reports that each PPR consolidates information into a standardized framework, including exhibits summarizing claim payments, outstanding case reserves, incurred losses, claim counts, and performance metrics for both pooled and excess layers.
The goal, according to Risk & Insurance, is to close the gap between data availability and data usability, so risk managers, finance professionals, executives, and governing committees can better support funding, coverage, and risk strategy decisions.