Today’s issue of WorkCompRecap features news from the analytics arena with the release of a new predictive model for Workers’ Comp from Liberty Mutual. The new model is geared towards quickly and accurately identifying the small percentage of slow emerging claims that are at risk to drive the majority of total claim costs.
Liberty Mutal evaluated more than 825,000 lost time claims and 140 million individual medical billing transactions in the development of the new model to find highly predictive variables and to understand their interplay in order to identify claims whose costs were likely to increase. According to Liberty Mutual, high risk claims can now be identified as early in the process as claim intake.
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