Claims management is a data-driven business. In this session at WCI’s 2016 Workers’ Compensation Educational Conference, panelists highlighted the outlook related to data for managing workers’ compensation programs.
– Scott Rogers, Executive Vice-President, Operations, Sedgwick
– Dr. Adam Seidner, National Medical Director, Travelers
– Cliff Belliveau, Vice President, Business Intelligence, myMatrixx
Insurance carriers, TPAs and service providers are embracing big data strategies to improve both experience and outcomes. The key to creating effective operational solutions is isolating and harnessing the data and information needed to achieve performance.
The amount of data available today, and the technology that allows you to do things with it, is exponentially greater than ever before. Over the past few years, there have been incredible advances to help fill in the blanks. Today we are able to perform complicated statistical analysis related to predictive analytics to improve outcomes for injured workers. In addition, the way we run our businesses has changed from using intuition to using data in decision making.
A large benefit of this data is that we have a better opportunity to get great benchmarks. For instance, we can now look at preventative factors and drivers like psychosocial issues, which is improving quality of life for the injured worker and claims outcomes for the employer. If you can’t measure something, you can’t manage it. Data is enhancing the injured worker experience.
It’s critical to use the right resource at the right time. We have finite number of resources, but they only work best for us if we use them appropriately. Future outlook is the increased use of shared decision making by getting the right data to the right people.
In the future, we are always going to have more and more data. We are going to get better at finding ways to integrate this data across platforms, companies and landscapes. Data sharing is also something that different vendors and competitors are starting to use and could be very effective for our industry.