Santa Clara, CA – CLARA analytics recently announced the availability of “A Perfect Storm: Six Steps Top Claims Teams Are Taking to Navigate COVID-19 Turbulence in the Workers’ Compensation Market,” a white paper that identifies disruptions in the workers’ comp market and the steps top teams are taking to address those changes and prepare for the future.
Two massive waves are crashing at once and creating profound shifts in the workers comp system. The first is the rapid rise of COVID-19, which is radically changing behavior, work patterns, and health care delivery. The pandemic is altering the flow and nature of claims across all insurance lines. For workers comp, it will generate new practices both within the claims operation and across the range of partners critical to delivering outcomes.
The other big wave cascading over the globe is economic—a rapid recession due in part to COVID-19 social distancing. This wave is more familiar than the first. We can look back to 2008 and prior recessions to anticipate what will happen next. But its speed and global scope are unique. Goldman Sachs predicts GDP will drop 34% in Q2-the steepest single quarter drop in US history.
Together these waves will drive changes to the workers comp system for years to come, reshuffle the insurance industry, and could potentially alter health care in the US. Canvassing perspectives from an array of experts, CLARA has identified six critical changes now emerging.
In this white paper, readers will successfully anticipate emerging shifts in claims, healthcare, fraud and litigation – and see what top claims teams are doing to navigate these changes, including:
- Preparing teams to handle the changing nature of claims
- Onboarding new tools to increase organizational productivity
- Augmenting in-house analytics with AI
- Expanding provider networks
- Optimizing legal lanels
- Considering settling potentially expensive claims
Download the white paper at https://info.claraanalytics.com/perfectstorm
Source: CLARA Analytics