Identification of High Impact Claims

The view is now widely accepted that early intervention can prevent a prolonged period of disability and an escalation of medical cost. Predictive modeling can be used to identify claims which might lead to a high level of medical expenditure and enable preventative measures to be employed.

Predictive models can identify the profile of a new claim and enable claims managers to apply resources earlier in the process to prevent the cost escalation.

It is often not as simple as suggesting that a certain injury requires a certain treatment. Complexity comes often from underlying conditions, or sociological factors.

Predictive models are very well suited to handling these complex interactions and projecting accurate outcomes.

Claim Analytics technology is particularly strong in its ability to project likely claim medical costs.

The Value to Workers Compensation Insurers

Claim Analytics models help you:

• Get claimants back to work earlier
• Reduce claim handling time
• Spot expensive claims before they get expensive
• Better manage medical expenses

The Worker Compensation claim process is punctuated by significant events that have a great impact of the claim direction and cost.

So to be able to predict the path a claim might follow and take evasive action has a huge impact on cost.