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Can Predictive Data Anticipate Workers Comp Decisions?

Can Predictive Data Anticipate Workers Comp DecisionsAccording to an article in Insurance Business America, insurers are now using predictive analytics decide which risks are important to insure. Predictive data is a great way for insurance companies to anticipate workers’ compensation decisions and better understand risks. As we discuss how predictive data can help anticipate  certain risks, make sure you’re insured with a Workers’ Compensation plan.

According to Dax Craig, CEO of Valen Analytics, all property and casualty insurers are using predictive analytics. He believes that analytics is a great way to not only understand fraud but to reduce it.  In addition, according to Rob Lewis, president of ISO Claims Partners, the use of data analytics is benefiting insurers in helping them predict which claims are likely to account for the costs.

The reason why predictive analytics is beneficial to many insurers because it offers the ability monitor the most expensive claims from the beginning, limiting costs without infringing on worker’s rights. In actuality, the use of data is likely to enable workers to get lower costs.

To break it down, predictive analytics is great for three reasons:

(1) Predicting volatility

(2) Driving down clients total cost of risk

(3) Yielding better results as more data is collected and used to analyze claims

By focusing on patterns that sometimes go unnoticed, companies can handle claims competently and diligently.

At Associated Specialty Insurance Agency, we offer programs across many industries for all types of workers comp risks. We understand that you need to capitalize on new business opportunities and we make that happen. We also understand the importance of keeping all your clients. For more information, call us today at 866.679.7457.

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