A trio of experts at a recent Workers’ Compensation Educational Conference in Florida said that while predictive modeling won’t replace knowledgeable insurance adjusters and underwriters, it is the ‘wave of the future” for the workers’ compensation industry.
The panel’s remarks are covered in an excellent August 18th article by Daniel Hays, National Underwriter (P&C). The conference was presented by the Florida Workers’ Compensation Institute in partnership with The National Underwriter Company.
Jennifer Tomilin, senior vice president, Zurich North America, said she could not foresee underwriters ever being replaced because “there are areas where we don’t have enough data for predictive modeling.”
But modeling is the future and companies that are “stuck in the mud” and ignore it, “those folks are going to be left behind,” warned Steve Laudermilch, senior manager Deloitte Consulting.
At Reed Group, we couldn’t agree more, so much so that we’ve developed one of the industry’s first predictive modeling tools for return-to-work durations. The tool allows much more accurate predictions based on the employee’s age, gender, comorbid conditions and other factors. And more accurate predictions enable better case management, cost savings, and the potential to return employees to full, productive lives sooner.
You can read the full National Underwriter story here.
If you’d like a tour of our new Predictive Modeling Tool at MDGuidelines, please call us at 866.889.4449.