Predictive Analytics Reduces Risk in Workers’ Comp, Three Workers’ Comp Issues to Watch, The Autonomous Auto Market, Homeownership Rate in the U.S. Tumbles, Confusion Coming for Workers’ Comp
PropertyCasualty360: Predictive Analytics Reduces Risk in Workers’ Comp
The use of predictive analytics in workers’ compensation has emerged as a viable way to better manage claims, as well as to find and fix problem areas that may be systematically driving costs up.
The 2016 RIMS session, “The Proof Is in the Data: Applying Predictive Analytics to Reduce Workers’ Compensation Risk,” which was presented jointly with JJ Schmidt, senior vice president, York, shared the following insights, examples and advice about using predictive analytics in your company.
Predictive analytics and injured workers
Today’s injured employee is likely to be older, in poorer health, and at higher risk for a complex injury or claim than in previous decades. Read the full article now…
Insurance Business America: Three Workers’ Comp Issues to Watch in Late 2016
We caught up with the vice president of communications and strategic analysis at Safety National, Mark Walls, to get his take on three of the hottest topics in workers’ compensation right now.
Election year impacts every economic and societal structure in the country including insurance. Insurance commissioners are elected in 11 states and appointed in the other 39, and in the 2016 election, five insurance commissioner positions and 12 gubernatorial seats will be decided.
“The workers’ compensation industry needs to be paying attention to these elections because the insurance commissioners can have significant influence over procedures, policies and enforcement in their states,” Walls explains. Read the full article now…
PropertyCasualty360: Thriving in the Autonomous Auto Market
Any significant change to the automobile insurance market has a dramatic impact on the insurance industry as a whole.
In most mature markets, automobile insurance is the single largest line of business, representing 42 percent of gross written premium in the U.S., according to a Best’s Special Report on the property and casualty market, where liability (including commercial auto) represents 26 percent of the overall market.
At one point, it was believed that telematics usage-based pricing was going to change the face of auto insurance but really, telematics is the Betamax of insurance in a digital world: an interesting footnote that will soon be irrelevant. The real seismic event in the industry will be the emergence of the autonomous car. Read the full article now…
Bloomberg: Homeownership Rate in the U.S. Tumbles to the Lowest Since 1965
The U.S. homeownership rate fell to the lowest in more than 50 years as rising prices put buying out of reach for many renters.
The share of Americans who own their homes was 62.9 percent in the second quarter, the lowest since 1965, according to a Census Bureau report Thursday. It was the second straight quarterly decrease, down from 63.5 percent in the previous three months.
The drop extends a years-long decline from the last housing boom, in part because of tight credit and a shift toward renting in the aftermath of the crash. First-time buyers have been struggling to find affordable properties as low mortgage rates and an improving job market spur competition for a tight supply of listings. Home prices rose 5.2 percent in May from a year earlier, according to the S&P CoreLogic Case-Shiller index of values in 20 cities released this week. Read the full article now…
Insurance Thought Leadership: Confusion Coming for Workers’ Comp
Today, dog lovers all over this great nation walk their dogs through neighborhood streets, and after the dogs “do their business” or “deposit a love biscuit,” the dutiful owner takes a moment to pick up the waste and carry it home. The telltale swinging plastic bag of poop is a sign the responsible dog caregiver is keeping their neighborhood clean.
After all, only in America can placing a naturally degradable substance inside a plastic bag where it will last 10,000 years in a landfill be considered ecologically responsible.
But all of that difficult work is about to end, thanks to a ridiculous bit of technology — and signals the sort of confusing adjustment that workers’ comp will have to make as the definition of work and work sites changes. Read the full article now…