Workers’ Compensation Severity Model
Software that predicts the severity of each claim.
Do you know which workers’ comp claims will end up costing the most?
The accepted rule of thumb says that about 20% of claims drive upwards of 80% of costs. But identifying which claims fall into that critical 20% isn’t easy – especially when you’re talking about so-called sleeper claims that appear insignificant, yet end up costing you big. And with limited time and resources to sift through reams of data, critical decisions end up being made on nothing more than a gut feel.
The Power to Make a Difference
Riskonnect’s Workers’ Compensation Severity Models software accurately identifies potentially adverse claims early in the lifecycle. The software uses data from millions of workers’ compensation claims across a wide variety of industries to calculate a severity score for financial impact, along with the expected duration of the claim. Built from a combination of data analytics and industry expertise,the models also factor in key influencers related to the claim, such as age, gender, body part, and jurisdiction.
Identifies Problem Claims Early
- Leverages continually updated claims and outcomes data from a curated group of organizations.
- Uncovers subtle signs of trouble that otherwise may get overlooked.
- Surfaces important details of each claim for easy reference.
- Incorporates severity, duration, and influencers directly into the claim workflow.
Prompts Effective Action
- Helps quickly mobilize the right resources to improve outcomes all the way around.
- Makes sure the most severe claims are assigned to seasoned adjusters.
- Flags high-severity claims for early intervention by healthcare professionals, investigators, and others.
- Sends automatic alerts if predetermined factors change – e.g., severity, reserves.
Promotes Data-Driven Decisions
- Augments adjuster knowledge with reliable data for optimal decision making.
- Maximizes productivity by focusing resources on the right claims.
- Accelerates the process of identifying potential problems so outcomes are improved.
- Updates the claim’s severity score at regular intervals.
Is It Time for a Tune-Up?
High-performing organizations constantly reevaluate their claims process to reduce waste, enhance customer service, and lower costs. Download our e-book, Claim Success: How to Achieve Excellence in Claims Management, to find out how you can manage claims more effectively.
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