Today’s issue of WorkCompRecap features NCCI’s recent release of part two of its Annual Insights Symposium (AIS) video edition, which includes NCCI experts’ key insights on large claims and medical trends in workers’ compensation.
In the video NCCI’s Sandra Kipust and Anae Myers identify what drives utilization, why it matters, and how NCCI is segmenting large claims (over $1M), which can help to better estimate ultimate claims costs. NCCI noted that large claims make up less than 0.5% of all lost-time claims, but up to 15% of total workers comp indemnity and medical losses in any given accident year. Large claims can be sorted into fast and slow-emerging claims. Fast-emerging claims reach $1 million within two years, and are typically the result of severe, traumatic injuries, while slow-emerging large claims reach $1 million after the second year and are often soft tissue, degenerative injuries that balloon over time due to multiple medical conditions.
Find out more (including a link to the free video & reports!)