Workers Compensation organizations including carriers, state insurance funds and rating bureaus share a great deal in common. Notably, they are all directly impacted by regulatory, economic, societal, and environmental conditions while trying to protect American productivity.
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At a time when the pace of change continues to accelerate, Workers Compensation executives must be vigilant in their observance of emerging trends and the adoption of new ideas and methods to address them. Some of the hot topics include:
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- The changing workplace – retention and the talent gap
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\n- Advancing technology AI and technology enablement
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The Changing Workplace
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The pandemic wreaked painful havoc on nearly every workplace around the world. Suddenly, offices, hotels, restaurants and nearly every gathering place was emptied. Isolation and illness forced the adoption of new technologies and medical treatments. Three years later, workers are less tethered to their offices than ever before and in many cases, are insistent on more flexible work conditions. Additionally, nearly two-thirds of workers are looking for a new job, and 88% of executives are seeing higher turnover than normal, according to a survey by the consulting firm PwC.
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The workforce has become less experienced and less loyal, exposing the workers compensation industry to potentially higher exposure and pricing insecurity.
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Data Access & Accuracy
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Another of the trends that will increasingly affect workers compensation organizations is the proliferation of data and the essential requirement to understand data lineage, relevance, and accuracy. While analytics has long been an essential tool among workers compensation providers, trended data was considered reliable. With massive changes, that assumption is now highly questionable. The need has gone beyond a team of data scientists to the need for new and integrated data sources and models that can be updated and validated with increasing frequency.
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Internal teams can no longer manage the data deluge alone.
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Advancing Technology
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AI and Machine Learning methodology is essential to keep up with the pace of change. Chat GPT has received a lot of recent notoriety for good cause. We need to learn faster from experience as new workplace issues emerge at an ever-increasing pace. We need to collect and analyze the right data more quickly to prevent losses. And, we need to predict trends and losses
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to avoid poor performance. We also need to adapt technologies in support of our workers’ compensation colleagues to ensure that ours is an industry with the modern technology that fuels worker performance and satisfaction.
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AI and Machine Learning methodologies are essential, new partners to workers’ compensation automation for loss avoidance, claims management, and colleague recruitment and retention.
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Convr AI is all about helping workers’ compensation insurers, managing general underwriters (MGU) and producers, as well as state boards and rating organizations improve performance by incorporating the best data into advanced AI models. We begin by ingesting Experience Rating Mods (e-mods) and business classification codes into the Convr Underwriting Command Center platform.* From there, Convr AI combines the e-mods and classification codes with peta-bytes of continuously refreshed data housed in our proprietary data lake comprised of thousands of public and private data sources.
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A knowledge graph keeps the various data elements connected and machine learning models (MLM) pinpoint the best data surfacing key underwriting insights, business classification/DBAs and risk scores, enabling underwriting teams to make smarter risk decisions, faster.
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Using our d3 Risk 360TM data lake, teams find new efficiencies in segmenting business entities by classification code to identify and prioritize audits in high-hazard classes. Then, they benefit from simplified look-up of each company and their DBAs. Using d3 Risk 360, our customers can also identify material account changes. Convr’s data lake is like having a crystal ball—you see things others simply can’t. The ease of use and insights are unparalleled.
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Convr would welcome the opportunity to share more about our data ingestion and insights capabilities and how we can help you become more productive and more successfully manage workers compensation performance.
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Request a demo by scheduling time with Convr’s Business Development team.
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*Note: Affiliate agreements must be in place between the insurer rating board and Convr for Convr to ingest the e-mods.
