Enlytened Trends Report helps risk professionals navigate the road ahead
While risk managers are accustomed to managing change on a daily basis, the seismic shift brought on by the COVID-19 crisis has presented these professionals with unprecedented challenges. Though vaccines, treatments and health protocols have allowed us to gradually emerge from the worst of the pandemic, the changes brought on by COVID will have lasting impacts on the property and casualty industry.
To help risk management professionals better understand and manage this evolving world, Enlyte has launched its first trends report, Enlytened. Building on the vast experience and data of Enlyte’s family of companies (Mitchell, Genex and Coventry), the report offers an extensive look at the trends property and casualty professionals are facing and empowers them with information to tackle what lies ahead.
Tackling Today’s Top Industry Trends
The authors of Enlytened represent some of the top leaders in the property and casualty field today. Within the report’s seven chapters, these experts identify the top issues risk managers are targeting and offer solutions on how to approach them.
Top P&C industry claim trends
While COVID-19 vaccination requirements and pandemic-related claims continue to be top of mind in workers’ compensation and auto claims, the pandemic is also affecting how and where people work. This includes a significant increase of employees continuing to work from home instead of an office setting. For this reason, insurance companies and other claims organizations have continued to increase their use of technology and digitization significantly in order to stay competitive in a remote world.
Aside from COVID, the dramatic increase of natural disasters has caused ripple effects for both workers’ compensation and auto lines of insurance. In particular, climate change has had a dramatic effect. One study of 11 million workers’ compensation claims found that “temperatures of 95 F (35 C) and higher increase the risk of injury on the job by more than 15 percent, causing at least 20,000 workplace injuries every year in California alone.” Mitchell’s Ed Olsen, Director of Claims Performance Consulting, and Ryan Mandell, Director of Claims Performance, discuss the effects of these recent shifts along with claim patterns in workers’ compensation, auto casualty and auto physical damage.
The pandemic has forced risk managers to look at more effective strategies in managing a dramatic increase of psychosocial claims. Statistics show 23% of employees with mental-health or substance-use disorders drive 60% of overall workers’ compensation medical spending. Anne Levins, Vice President, Product Strategy & Analytics, Coventry, offers tips to assist employees in finding the right providers, along with other strategies in managing biopsychosocial claims. This includes developing a full support system including employers, adjusters, case managers and providers to help injured employees restore their lives and return to work.
COVID-19 has also notably accelerated the pace of technology use in insurance markets. A Mitchell study found that 40 percent of property and casualty insurance industry professionals surveyed said that changes and pressures related to COVID-19 are the main driver behind the technology adoption movement. Mitchell’s Rebecca Morgan, Vice President, Product Management, and Norman Tyrrell, Vice President, Product Management, offer insight on how the industry can continue to increase automation while maintaining a human touch on all claims.
Return-to-work and clinical trends
Organizations are facing additional hurdles in their efforts to restore lives of injured employees. One of the biggest is health literacy, especially those more at risk for this problem such as older employees, minorities, and individuals in medically underserved areas. As face-to-face time with physicians continues to decrease, more patients are turning to the internet and social media for answers. This exacerbates the health literacy problem as users try to determine fact vs. fiction amidst a sea of medical misinformation. Ron Skrocki, Senior Vice President, Product Management and Development, Genex, explains how increased use of case management and credible health education technology can empower injured employees to become active participants in their recovery and stay on the right path to recovery.
Top pharmacy trends
While most of the workers’ comp industry endured dramatic changes in 2020 due to the pandemic, pharmacy trends remained fairly consistent compared to 2019, with minor shifts in overall claim costs and utilization. Nikki Wilson, Pharm D./MBA, Director, Clinical Product, Mitchell, looks at top issues and legislation that will affect pharmacy spend and provides a detailed analysis of prescription activity trends.
Marijuana’s effects on P&C claims
An overwhelming number of Americans support marijuana legalization, but how has this movement affected outcomes for the P&C industry, particularly in states that legalize the drug recreationally? Mitch Freeman, Pharm. D., Senior Vice President and Chief Clinical Officer, Mitchell, takes a deeper dive to provide answers.
To access the full Enlightened Trends Report, click here.
This is a sponsored post from WorkCompWire marketing partner Enlyte.