Workers compensation insurers are increasingly turning to mobile device applications and other technology innovations in their bid to remain a force in the industry and serve their clients. New technology and approaches are invading daily workers compensation underwriting routines. How is this happening? Here are some major findings:
- Mobile devices are getting bigger in the workers compensation space. Most mobile apps in this area are focused on loss control, and third party administrators are using apps that handle injury reporting and other claims self-service functions.
- As insurers increasingly use third party and multidimensional data in their workers compensation analyses, they’re spending more on proactive analytics to figure out which claims will produce long-term payouts.
- Agent portals, business intelligence and core claims/policy administration systems place at the top of workers compensation technology initiatives.
- Insurers are also focusing on improving their technology for billing, customer portals, distribution management, document creation and management, rating, underwriting workstations and specialized elements.
- Pay as you go policies, where businesses pay a premium every payroll period versus an annual premium, are becoming more commonplace, helping to simplify how coverage is sold and handled.
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