Without a doubt, insurance companies have always relied on data to help in their underwriting process and pricing and to identify risks and develop effective risk management strategies. Today, data collection and the ability to analyze and share findings also helps insureds make better and more informed decisions to mitigate risk and prevent claims. This is true across all coverage lines, including Workers’ Compensation.
At Prescient National, our objective is to utilize specific data points to identify trends, both across the portfolio, as well as from individual policyholders. We then use those trends to anticipate your business needs and develop customized risk management solutions.
What Are the Key Data Points?
As specialists in Workers’ Compensation, Prescient National believes there are several key indicators of success. These are time to report a claim (“lag time”), Post-Accident Drug Test (PADT), Early Return to Work, Criminal Background Screening, and Post-Offer Medical Questionnaires (POMQ). Organizations that consistently apply these proven risk management techniques will lower their overall cost of risk.
For example, our data indicate that insureds who have a lag time of fewer than three days will experience fewer total claims costs when compared to a company with a lag time of more than three days. Similarly, companies that require a 10-Panel PADT perform better than companies that require a standard 5-Panel PADT. Ensuring that employees on work restrictions are offered a “light duty” job has been proven to lower claims costs. Our data also show that when these programs are combined with strong hiring practices, including Criminal Background Screens and POMQs, Workers’ Compensation claims experience will improve even further.
We’re Bringing Value to Customers with Our Data Analytics
Prescient National’s data analytics help clients become more profitable. They gain insights into what the data reveals and how to move forward more effectively. Our data analysis allows clients to make sound business decisions, thereby improving workplace safety and their Workers’ Compensation experience.
