Workers’ Comp Predictive Modeling and Self-Insured Employers
Predictive modeling isn’t just for insurers. Self-insured employers – or those with captives — can also better anticipate risk and save money with predictive modeling. Insurers generally started using predictive modeling for the underwriting process. Claims predictive modeling is at the early momentum stages for insurers and a great place to start for self-insured employers. […]
Predictive analytics allows feds to track outbreaks in real time
Predictive analytics allows feds to track outbreaks in real time
Predictive Modeling and Your Insurance Agent or Broker
Predictive modeling could change the relationship you have with your agent or broker because it changes the complexion of riskiness. This is not only true for workers’ compensation, but commercial and executive coverage as well. Currently, agents and brokers respond to insurer underwriting changes, which can happen without warning to them. Insurers are trying to […]
“Predictive Modeling Is Here to Stay” Discussion on the LinkedIn Group: Workers Compensation Roundtable
Below is a response to my blog, “Predictive Modeling Is Here to Stay” in a discussion published on the Linked In group, Workers Compensation Roundtable last week.) Responder 1: Predictive modeling is particularly useful on smaller policies. An account with millions of dollars in payroll and high premiums generally gets more attention so the quality […]
Predictive Modeling Is Here to Stay
Last week’s blog covered how workers’ compensation predictive modeling will affect premiums. But there is much more employers need to know. 2) Predictive modeling is here to stay. Predictive modeling is well on its way to becoming an insurer best practice. According to a study released by Towers Watson last year, 72 percent of the […]
What Employers Should Know About Workers’ Compensation Predictive Modeling (Part I)
A special “thank you” to Mark Wells for making this blog a “manager’s choice” on LinkedIn’s Work Comp Analysis Group. If predictive modeling is not already influencing your premiums, chances are it will soon. Predictive modeling is a statistical approach that looks at traditional variables, such as employer’s history of losses, and adds non-traditional factors, […]
The Twists and Turns of Workers’ Compensation Profitability
Profitability is a sensitive subject in workers’ compensation. That is because, with a smattering of exceptions, workers’ compensation is mandated. As heavily-regulated social insurance, its profitability cycles have often been compared to roller coasters — and for good reason. For a fresh look at workers’ compensation underwriting cycles and their historic causes, check out Workers’ […]
Getting Your Message Out
When clients ask me to get their message out they often want me to build them a media list. But a media list alone is not going to cut it anymore, especially because the definition of media has changed. When it comes to business-to-business communication, your business should have a traditional media list that includes […]
Workers Compensation By The Numbers
Work-related injuries, illnesses and deaths: Highest number of workplace fatalities (in recent years) 8,801 in 2011 Those due to 9/11 terrorism attacks 2,886 Number of workplace fatalities in 2012: 4,690 Number of private industry nonfatal workplace injuries and illnesses in 2010: 3.1 million […]
A Thank You
Thank you to Terri Michalewicz of LCM Associates of Atlanta for making my article on Social Media recommended reading during her presentation at the Southeastern Actuaries conference!
