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How is MIRA different from BWCs reserving system?

April 26, 2017BWC different Mira reserving system

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How is MIRA different from BWCs reserving system?

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4A. BWC’s tabular reserving system uses only 15 claim characteristics and calculates an average reserve for claims with the same indemnity type. The MIRA system uses 160 data elements of which 20 are considered cost drivers, which will provide a more precise estimate of future costs.