Today’s issue of WorkCompRecap features the release of Insurity’s Workers’ Compensation Industry Trends Report, which examines four converging trends related to COVID-19 that are expected to impact insurers’ portfolios in 2021, and provides strategies for navigating them.
Key trends from the report included that new business is becoming harder to find while insurers may also be on the hook to return a significant amount of premium upon retrospective audits, which along with investment yields at all-time lows create urgency around enhanced risk selection, pricing, and portfolio management practices. The report also notes that insurers can navigate these trends by improving precision of risk selection and pricing; finding operational efficiency gains; leveraging third-party data; gaining a contextual view of risk; and more.
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