ISO Crowe Paradis is introducing a new analytic solution at the National Workers’ Compensation and Disability Conference in Las Vegas. WC Navigator – scheduled for release in early 2014 – enables a company to identify potentially volatile workers’ compensation claims earlier in the claims-handling cycle. As a result, claims departments will be better equipped to triage cases and proactively address high-risk claims.
“Workers compensation claims departments have long struggled to contain costs from the relatively small but expensive number of claims that spiral out of control,” said Robert Lewis, president of ISO Crowe Paradis. “WC Navigator is our latest technology innovation designed to diagnose those difficult claims right from the start.”
While some areas of the workers compensation industry are showing signs of improvement, claims costs continue to be an issue. The National Council on Compensation Insurance (NCCI) reported a combined ratio of 109 for workers compensation in 2012, which still reflects the impact of high-risk claims – and the need to identify them earlier in the life cycle.
To address the cost challenges brought on by complex claims, WC Navigator bolsters the power of a company’s historical claims experience by adding ISO’s industry insights. Because the WC Navigator high-risk claims model is built upon a cross-industry benchmark data set, the insurer realizes the value of more reliable and predictive scores – and that improves the ability to identify claims that should be targeted for more intensive early intervention.
“As a data and analytics company with industrywide reach, we’re uniquely positioned to share our knowledge and experience in a way that helps solve pressing problems for workers compensation insurers,” explained Dorothy Kelly, chief executive officer of ISO Crowe Paradis. “WC Navigator’s streamlined scoring and assignment process, built from this industrywide perspective, can improve a company’s claims-handling effectiveness, dramatically improving outcomes.”
ISO Crowe Paradis will be at Booth #1745 at the National Workers’ Compensation and Disability Conference in Las Vegas, November 20 to 22, 2013.
Source: ISO Crowe Paradis
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