Claims Tracker Methodology
Claim lifecycle from FNOL through reserve setting, paid-to-date tracking, panel counsel assignment, and closure.
1. Executive Summary
The Claims Tracker captures the complete lifecycle of every cyber insurance claim: FNOL, triage, reserve setting, investigation, panel counsel engagement, forensics, payment, and closure. It surfaces aggregate KPIs (total reserves, paid-to-date, incurred) and per-claim detail.
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2. Claim Lifecycle
A claim moves through six states from First Notice of Loss to final resolution. The denied path applies when an exclusion (e.g., LMA 5567A war exclusion) is triggered.
3. Reserving
Initial reserve is set at triage based on:
- Incident type (ransomware, breach, BEC, OT/ICS)
- Insured's revenue + coverage limit
- Early forensics findings (data volume, systems affected)
- Historical severity benchmarks for similar incidents
Reserves are updated as the investigation progresses and the incurred amount tracks the sum of paid-to-date + remaining reserve.
4. Status States
| State | Meaning |
|---|---|
| Reported | FNOL received, initial triage pending |
| Investigating | Forensics engaged, initial reserve set |
| Reserved | Reserve finalized, payment not yet made |
| Paid | Payment made (may still be open pending BI/forensics) |
| Closed | Final payment made, file closed |
| Denied | Coverage declined (exclusion applied or outside policy terms) |
5. Panel Counsel
Claims with privacy, regulatory, or litigation exposure are assigned to panel counsel. Typical panel firms include Mullen Coughlin LLC, BakerHostetler, Lewis Brisbois, and others. Panel counsel manages privilege, notifications, and settlement strategy.
6. Data Sources
Claims database (user-owned), incident feeds for incident date correlation, forensics reports (ingested as attachments), panel counsel invoices.
7. Glossary
| Term | Definition |
|---|---|
| FNOL | First Notice of Loss — when the insured first reports the incident |
| Reserve | Estimate of the total expected cost of the claim |
| Incurred | Paid-to-date + outstanding reserve |
| Panel counsel | Law firms pre-approved by the insurer for privilege and litigation management |