During our time at RIMS 2014, we had Workers’ Comp industry stakeholders participate in WorkCompWire’s “4 For 14” series, focused on what to look for this year and in the future! Here’s what Rob Lewis, President of ISO Claims Partners had to say:
1. What do you believe will be the most significant development in the Worker’s Comp industry in 2014?
I believe the most significant development for the Worker’s Compensation industry in 2014 will be a movement from reactive claims handling to proactive claims handling based on predictive analytics. The effective application of data and analytics can improve claims outcomes through early identification, triage, and intervention.
2. What is the top issue/problem you and your organization are currently grappling with?
Claim costs have skyrocketed since the 1990s, adjusters’ jobs have become more complex, litigation is more prevalent, and the industry is looking for ways to get matters under control, so the top issue for our organization is to help our clients improve claims outcomes. It’s our mission statement, and something we’re very passionate about. In my opinion, the solution lies in data and analytics to make claims management simpler rather than more complex.
3. Looking out 5 years, beyond obvious trends, what do you think one big change in the Workers’ Comp industry will be?
Data and predictive analytics can help better manage claims, resources, and vendors. Among its many functions, analytics can be used for adjuster assignment, subrogation, litigation management, settlement evaluation, frequency and severity prediction, loss reserving, fraud detection, anomaly detection, fast-track identification, and claim service strategies and prioritization. No question, that’s the future. We’ve come a long way already, but we’re just scratching the surface.
4. What is one thing you’d like to promote?
We‘ve recently launched two new products focused on improving claims outcomes through the use of data and analytics. WC Navigator is a tool that uses claims data, industry data available only to ISO, and third-party (PBM, Bill Review) data to identify high-exposure claims early in the claims handling process to allow for proper triage and early intervention. CP Link is another new product we’ve launched whose proprietary system uses Medicare data to automate the Medicare conditional payment (lien) process. It saves time, money, and has a proven, significant ROI.
About Rob Lewis
Robert Lewis is President of ISO Claims Partners, a leading provider of Medicare compliance and Analytic solutions for many of the world’s largest insurance companies, third party administrators, and fortune 1000 companies.