WORKERS’ COMPENSATION BENCHMARKING MODEL

Software that compares your claims experience to that of your peers

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How do your workers’ comp claims
compare to your peers?

You might think you’re doing all the right things to efficiently manage your workers’ comp claims – but are you? Without cold, hard facts, you end up gauging your performance on nothing more than a gut feel. And if others in your industry are doing a better job managing their workers’ comp claims, you could be at a real competitive disadvantage. How do you know how you measure up?

Gauge Your Performance

Riskonnect’s Workers’ Compensation Benchmarking Model software accurately assesses the performance of your claims management process as compared to others in your industry, organizations outside your industry, or to best-in-class performers. The software uses data from millions of workers’ comp claims across a wide variety of industries to measure your claims operation on key performance indicators. Built from a combination of data analytics and industry expertise, the model allows you to drill down into each KPI, explore data independently, and visualize how you measure up.

Visualizes Apples-to-Apples Comparisons

  • Continually updates claims and outcomes data from a curated group of organizations from the industry’s leading workers’ comp database. 

  • Uses meticulously cleaned and aggregated data for accurate comparisons. 

  • Identifies performance trends over multiple years. 

Shows Where You Stand

  • Shows how your KPIs measure up to the industry average, as well as to the best and worst performers within that group. 

  • Benchmarks performance on KPIs, including closing ratio, reporting lag time, claims duration, and average claim cost. 

  • Further filters KPI data by industry, jurisdiction, body part, gender, accident state, claim type, and litigation. 

  • Reveals areas where your peer group is outperforming your organization. 

Promotes
Data-Driven Decisions

  • Allows you to explore the data and discover opportunities for improvement. 

  • Helps manage workflow and resources by focusing seasoned adjusters to problem areas. 

  • Identifies opportunities for improvement based on cost drivers. 

  • Accelerates the process of identifying potential problems so outcomes are improved. 

  • Reduces workers’ comp claims costs by improving efficiency. 

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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