WORKERS’ COMPENSATION SEVERITY MODELS
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 and analytics and industry expertise, the models also factor in key influencers related to the claim, such as age, gender, body part, and jurisdiction.
Is It Time for a
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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