#GuidewireConnections: Defeat the beast of inefficiency in claims for Work Cover
One of the most complicated insurance products to write and service in the global insurance market today is workers’ compensation. It is laden with difficult underwriting guidelines and strict service level requirements within high-touch, high-transactional activities. Work Cover is also the most difficult to maintain as profitable business for global insurers since it is fraught with heavy regulatory requirements, skyrocketing medical costs, and increased fraudulent activity.
Compounding the problem, the industry is still constrained with legacy systems. Legacy systems prohibit insurers from leveraging efficiency to better manage the internal controls and reduce the manually intensive processes across underwriting, loss control, premium audit and indemnity payments that surround the issuing, maintaining and servicing of workers comp policies. Legacy systems also restrict how and where you access information as part of the process, which makes reducing time-to-decision problematic.
This week, leaders from insurance companies from all over the world will attend the #GuidewireConnections conference in San Francisco. There, they will learn about the newest technologies and capabilities of the world’s leading core system provider for policy, claim and billing systems and the complementary technologies like the OnBase™ integration for Guidewire InsuranceSuite®, which addresses many of the issues facing this market segment today.
Get more out of your Guidewire software
The most successful players in the market are those who are transforming their businesses with fully integrated, best-of-breed technology solutions to greatly enhance their operations, reduce time-to-decision and decrease expenses. This offsets climbing medical costs to drive high profitability in this complex market segment.
Here are two reasons why you should have a friendly and comprehensive work comp claims management system:
- Delayed injury reporting can increase eventual comp claim costs by up to 51 percent as the condition worsens, said a recent study from the National Council on Compensation Insurance Inc. In fact, median costs for occupational injury claims reported within two weeks were the lowest – at $13,120 – and were higher for all claims brought two weeks or later.
- Pharmacy cost increases before plan design changes are projected to be 9.5 percent in 2015 and will continue to rise to 10 percent in 2016, according to Insurance Business America. The increased costs will likely mean a similar rise in workers’ compensation costs.
Integrate with document management software
The OnBase™ integration for Guidewire ClaimCenter® provides workers’ comp staff with instantaneous access to information dynamically presented at adjusters’ fingertips, in context directly from any screen in ClaimCenter®, the way that they need to see the information – ordered by exposure, by injury, or by employer.
Even more exciting, Hyland, creator of OnBase, recently integrated its leading Vender Neutral Archive (VNA) solution directly into OnBase™ for Guidewire ClaimCenter®, so even Dicom images can be viewed directly within the claim file surfaced to Guidewire users’ fingertips. This brings together all documents, medical records (x-rays, Dicom images, PACS, HL7, EDI electronic billings), investigative videos and media files into a single interface, helping reduce the time to decision and significantly changing the way you manage workers comp claims.
Whip the beast of inefficiency!
To learn more while you’re at Guidewire Connections, join the Workers’ Compensation in ClaimCenter® session Tuesday, November 3, 11:15 a.m. – 12:00 p.m. in Continental Ballroom 5. Also, stop by booth P2 to find out how some of the top workers compensation carriers fight the beast of inefficiency.