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US Workers Compensation Market Trends – Q3 2014
The average reported rate increase for Workers’ Compensation is approximately +2.7% on a countrywide basis, down about 3.6 percentage points compared to the average rate increase of +6.3% from our...
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Allocated Loss Adjustment Expense in a Complex Workers Comp World
Why are allocated loss adjustment expenses (ALAE) growing astronomically compared to unallocated loss adjustment expenses (ULAE)?
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Are Task-Centered Processes Hurting Workers’ Comp Claim Control?
Over the past four decades it has been fascinating to watch the evolution of the workers’ compensation claim handling process. In terms of structure and complexity, it has moved from the bicycle to the...
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What to do About Mounting Prescription Drug Costs
When reviewing our clients’ loss data it has become obvious: the cost for prescription drugs is increasing as a percentage of their total workers’ compensation (WC) medical expenditures. Historically,...
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Workers’ Compensation: The Big Disconnect
When it comes to Workers’ Compensation claims, the data is there and for the most part the risk managers have access to it. They know what types of claims are being filed and where worker injuries are...
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Better Audits for Better Outcomes: The Case for Outcomes-Based Claim Audits
It’s been said many times, “People do what you inspect not what you expect.” If you accept this concept as true, then you must make sure your inspections line up with your expectations. So, what are...
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What Risks Will Emerge in 2016?
Our world is advancing at a pace that invites innovation at breakneck speed, encouraging companies to jump into untested waters. Whether it is new, disruptive technologies – such as drones – or just a...
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Should Our Workers Compensation System Join a Wellness Program?
Can the strength of the 20th century workers compensation framework support the weight of 21st century demands? Wellness programs and the aging workforce are agenda items at most workers compensation...
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Guide to casualty insurance for financial institutions
What is the purpose of casualty insurance? Casualty insurance is actually a catch-all term for a number of diverse coverages. The common thread that binds these various lines is that they are all...
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Big data is 3-dimensional
Metrics drive risk and claims management. But, is this enough? Risk management is ill-prepared to journey into open waters and chart new routes in metrics.
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