To remain competitive in the marketplace, all workers’ compensation carriers will need to adopt some form of analytics, according to Rob Lewis, president of ISO Claims Partners. Lewis outlined the benefits of using predictive analytics in all stages of a …
Recently, Lemonade reported a claim handling world record. The insurer reported a claim settlement speed record – 3 seconds and no paperwork. According to the insurer, a policyholder submitted a theft claim for a $979 Canada Goose Langford Parka on …
Insurance carriers today are struggling to keep up with the rising cost of third party auto claims. While there are multiple factors driving up costs, there are three primary problems that stand out – complex industry trends, inconsistent evaluation and …
Earthquakes, hail, thunderstorms and Hurricane Matthew resulted in the largest insurance losses in 2016. Total economic losses from natural catastrophes and man-made disasters in 2016 are estimated to be $158 billion in 2016, according to figures released by Swiss Re. …
In 2016, Texas suffered through another costly year of weather-related losses for homeowners and autos. Looking only at loss information through the end of September, it has been a year of record losses for hailstorms. The months of March and …
Better performing workers’ comp claims organizations utilize key performance indicators, data analytics and an advocacy-based model to successfully manage claims, according to Rising Medical Solution’s most recent Workers’ Compensation Benchmarking Study. Better performing workers’ comp claims organizations utilize key performance …
Hurricane Matthew, which threatened four coastal states as it corkscrewed through the Atlantic in early October, caused an estimated $110 million in damage to recreational boats, according to Boat Owners Association of The United States (BoatUS). The national advocacy, services …
In a recent online poll about experiences with auto injury insurance claims, almost half of respondents with auto injury claims hired attorneys to help settle those claims, according to a survey commissioned by the Insurance Research Council. The most common …
Reductions in emergency room visits and total claim costs prompted EMPLOYERS, a small business insurance specialist, to expand its Injured Employee Hotline nationwide. The service, which began as a test in Florida in 2014, gives injured workers the option to …
Several challenges unique to workers’ compensation claims highlight the benefits of a robust data analytics system, according to a panel of experts who presented on the subject during Verisk Insurance Solutions’ Monday webinar series. Underwriting new risks, managing medical provider …