Innovative Strategies for Lowering Costs and Improving Outcomes
Sponsored by InsurCard
Workers' compensation inherently is a conservative line of insurance. Because the system has worked reasonably well for injured workers for 100 years, regulators are understandably cautious about "fixing what isn't broken". Additionally, though insurance companies desire greater efficiencies and lower costs, entrenched processes and legacy information systems can stand in the way of change.
Despite resistance and inertia, the workers' compensation market has been a hotbed of innovation in recent years. Driven substantially by runaway claims costs, sweeping changes in the ways submissions are underwritten and claims are managed have been implemented by many insurers to rein in both medical and indemnity costs. Workers' compensation insurers also have taken aim at underwriting and claims administrative processes to lower expenses, increase productivity, and improve broker, insured and claimant satisfaction.
Companies that are most successful at controlling costs while improving customer satisfaction enjoy strong competitive advantages. This is especially true today since the workers' compensation systems in many states are under increased stress as medical and indemnity costs continue to soar while premiums have fallen.
Register for this FREE one hour webinar, sponsored by InsurCard at:
https://www1.gotomeeting.com/register/641058152
Gaining a Competitive Advantage in Workers' Compensation
Sponsored by InsurCard
Insurers and risk managers are locked in a perpetual battle against rising workers' compensation costs. The urgent need to rein in costs has led workers' compensation to become a hotbed of innovation. Initiatives to bring results in line focus on medical and indemnity costs - using innovative technologies and strategies to sharpen insurer underwriting accuracy and to improve claim outcomes - as well as administrative expenses, through an array of tools to improve efficiency and drive down costs. Innovation in workers' compensation insurance has further been encouraged by the need for differentiation in a highly competitive insurance market. Service-related innovations of the past decade include simplifying and accelerating the new and renewal transaction process, streamlining premium payments, and making indemnity payments easier to manage for disabled employees. This webinar and the accompanying special report examine pressing workers' compensation issues facing risk managers, TPAs and insurers, and highlight some of the most imaginative and effective solutions.
