Like other insurers, workers’ comp carriers are seeking to improve efficiency and profitability through technology. Workers’ comp is a competitive marketplace; therefore, effective use of technology can give insurers in this space a critical competitive edge. The Internet of Things and wearables are offering new ways to collect data, while business intelligence and analytics are enabling carriers to better analyze that data.
Core systems replacements are common to ensure that new products are being developed and that underwriting decisions are consistent. Investments in claims administration are especially popular among workers’ comp carriers as claims is a key interaction with policyholders. With the increased focus on data insights, insurers are also prioritizing predictive analytics that can handle in-house as well as third-party data.
Workers’ comp insurers must also keep up with new product trends in their marketplace. These include the growth of pay-as-you-go options, the impact of telehealth and workplace clinics on patient recovery, a growing number of gig economy employees, the opioid crisis, and new regulations around security and substance legalization.
To learn more about the business and technology trends occurring in the workers’ comp space, and to dive into more than 40 examples of recent technology investments by these carriers, read my latest report, Business and Technology Trends: Workers’ Compensation.
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