Property Risks

Billions at Stake From Wildfire Risk

California, Colorado and Texas are at highest risk for wildfire damage.
By: | March 18, 2015 • 4 min read
Topics: Climate Change
wildfires

Close to a million homes in the West are at a high or very-high risk for wildfire damage, and would collectively cost more than $237 billion to rebuild, according to a report on wildfire hazard risks by CoreLogic.

The Irvine, Calif., property information and analytics provider now ranks risks based on reconstruction costs instead of assessed value after acquiring a company that calculates property analytics, said Thomas Jeffery, CoreLogic’s senior hazard scientist who based in Madison, Wis.

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“We’re now able to dig down and tabulate what it would costs to rebuild, which in some cases, are is higher than the assessed property values,” Jeffery said. “This allows us to generate a more real-world perspective of the wildfire risk for homes in a particular area.”

California, Colorado and Texas have the largest number of residential properties categorized as “very high risk,” with a combined reconstruction value exceeding $36 billion, according to the report. Including homes located in the “high risk” category, the reconstruction value is more than $188 billion for these three states.

“We’ve had two consecutive years of drought conditions and everyone has been expecting tremendous damage from wildfires, but so far the fires have only been sporadic.” — Thomas Jeffery, senior hazard scientist, CoreLogic

At the CBSA (Core Based Statistical Area) level, Denver-Aurora-Lakewood, Colo. ranks first for the most number of homes at “very high” risk out of the 258 CBSAs analyzed. Riverside-San Bernardino-Ontario, Calif., comes in a close second, followed by Sacramento-Roseville-Arden-Arcade, Calif.

When ranking CBSAs based on Wildfire Risk Score (which takes into account the level of susceptibility to wildfire, as well as the risk associated with the property being located in close proximity to another high-risk property or area), Riverside-San-Bernardino-Ontario, Calif. takes the top spot for the most number of homes that fall under the highest risk segment, followed by Sacramento-Roseville-Arden-Arcade, Calif. and Austin-Round Rock, Texas.

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While property insurers may not stop writing policies in certain areas, they may even out their books of business so they’re not so concentrated in areas that potentially could be devastated by an event, Jeffery said.

“We’ve had two consecutive years of drought conditions and everyone has been expecting tremendous damage from wildfires, but so far the fires have only been sporadic,” he said. “But people should not get complacent on their homeowner mitigation, which is on the frontline of defense, right after the first responders. Everybody should take the danger of wildfire seriously, especially due to these drought conditions.”

Jeff Reinig, head of underwriting, personal lines at Farmers Insurance Group in Woodland Hills, Calif., said via email that the carrier’s underwriting and rating is based for the most part on actual claims data, but reports similar to CoreLogic’s data “supplement an already robust set of inputs into our methodology.”

Risk Management Practices

Several brokers detailed the types of risk management best practices they advise for clients who own properties in high-risk areas.

Owners of commercial properties should have Class A fire-rated roofs, which should be kept clean of debris, said Frank Oliver, senior vice president at Aon Global Risks Consulting in New York City.

“The majority of wildfires are due to embers flying through the air, rather than actual flames, and that’s why a Class A fire-rated roof is probably the best practice,” Oliver said.

Businesses should also create a fire break within the attic or dead air space, he said. Building codes now require fire breaks within those spaces, but not for older properties, so as a practice, businesses should create some type of fire stop so it’s not just one contiguous space.

If there is a fire, businesses should make sure employees close the windows, so that embers don’t come through and ignite combustible materials that are within the building.

Property owners should also create defensible zones 5 feet to 30 feet around their buildings, Oliver said.

If there is vegetation close to the building, make sure to plant “wet” vegetation that is resistant to fire, as well as stone or rock mulch instead of wood mulch. If a property is on a slope, fire can run much faster up a slope than alongside the ground, so businesses need to create a larger defensible space around the property.

Barney & Barney Insurance Services LLC in San Diego advises commercial clients in disaster-prone areas to develop emergency recovery plans, and will provide outlines if necessary, said Peter Holmes, client executive at the firm, a division of Marsh & McLennan Agency LLC.

“They need to ask themselves such questions as, ‘Where is their business intelligence?’ ‘Their lists of clients, receivables, deliverables?’ ” Holmes said. “These should all be located offsite, on a cloud.”

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Businesses should also have an emergency communications plan for their employees, such as a pocket card listing the number of a central location to call. They also need a plan on how they are going to communicate with clients to let them know they are operating in a temporary location.

Suppliers also need to make sure that if their factory burns down they have relationships with other suppliers that can either let them manufacture their own products on their site or supply similar products on their behalf.

“Emergency plans are not just for wildfires but any emergency, such as an earthquake or a power outage that could damage production facilities such as pharmaceutical laboratories whose experiments needs to be conducted at certain temperatures,” Holmes said.

Katie Kuehner-Hebert is a freelance writer based in California. She has more than two decades of journalism experience and expertise in financial writing. She can be reached at riskletters@lrp.com.
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Leaders in Action

2015 Insurance Executives to Watch

These insurance execs are leading their organizations through tricky new risks and market conditions.
By: , , and | December 10, 2014 • 15 min read
12012014_02_cs_profiles700x525_PB

Downward pressure on pricing, increased capacity in the market and the continuing inadequacy of returns on investments are some of the challenges that must be navigated by insurance industry executives in 2015.

Such difficulties are exacerbated by the still-fragile economies of the United States and worldwide, and the continuing threats of political turmoil and climate change in many parts of the globe.

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Some of the business leaders we have selected for this annual feature — such as Tom Lawson at FM Global, Ben Walter at Hiscox USA and Peter Hancock at AIG — are taking on responsibility for their entire company.

Other senior insurance executives we’ll be watching in the coming year are taking on significant new responsibilities or have key leadership roles to play in lines of business or business sectors such as cyber, property, specialty or micro-business.

As we all know, along with any challenge comes the opportunity for growth. These insurance executives will bear watching not only for the aplomb with which they will handle their new responsibilities, but for the paths they pave to broader industry opportunities.

A Brand That Resonates

12012014_02_cs_profiles230px300px_BervenMark Berven
President and COO
Nationwide P&C Agency Operations
Nationwide Insurance

Nationwide has embarked on the daring venture of an organizational strategy shift — and Mark Berven will be the executive to make sure it works.

In addition to a rebranding campaign, the company has restructured — with Berven overseeing one of three corporate divisions: the Nationwide Property & Casualty Operations business unit.

The shift puts all P&C and personal and commercial lines operations under the Nationwide brand, from a half-dozen operations including Harleysville Insurance, Allied Insurance, Scottsdale Insurance, Crestbrook Insurance and Titan Insurance.

“You have to have a brand that resonates,” he said. “With all of the noise in the system, consumers look for those trusted brands. … We have also heard loud and clear from our distribution partners their desire for a brand they can stand behind.”

The change is designed to “operationalize a unique brand;” streamline operations and efficiencies so customers see more competitive products and pricing, innovation and support services; and deliver enterprise solutions to customers encompassing the insurer’s diverse portfolio of offerings that ranges from property & casualty and the well-known personal auto, homeowners and commercial coverage to banking, specialty health and farm insurance.

Berven, who started with the company 22 years ago on the independent distribution side, said his new role gets him back into the field listening to partners and “sharing a vision of where we are going.”

“It’s been really well received,” Berven said of the rebranding effort, and it leaves the company well-positioned to provide growth and positive returns in a softening market.

“If the barometer of our success is the reaction of our distribution force in regard to their excitement about this, we have some really good times ahead,” he said.

Small is Beautiful

12012014_02_cs_profiles230px300px_DavidCharltonACEDave Charlton
Division President
ACE Property & Casualty Micro-business Division
ACE Commercial Risk Services

Everyone is busy, it seems, but ACE’s Dave Charlton just might be busier than most. ACE tapped Charlton for his small business and specialty lines expertise in March to head up a new division that will focus on micro-business, which the carrier defines as businesses under $2 million in revenue with less than 50 — in most cases less than 25 — employees.

Since joining ACE, Charlton has been aggressively hiring staff with both admitted and nonadmitted experience. He is also taking advantage of an equally aggressive push by ACE to bring technology to bear in ways that will help insureds better understand their risks and coverage options.

ACE’s approach will at the same time take into account the different ways brokers will want to look at and bind business.

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“We are putting in a whole new IT system and I have had a lot of support from the infrastructure ACE has from legal to filing,” Charlton said during a November interview with Risk & Insurance® at ACE North America’s headquarters in Philadelphia.

“That is one of the reasons I signed on,” Charlton said.

A key approach for ACE is offering small business owners a business owners policy or BOP — typically comprising general liability and property coverage — and a second phase of coverage, errors and omissions or D&O, for example, all under one policy.

In the past, micro-business owners had to go to the trouble of understanding and buying two different policies if they wanted or needed that much coverage.

“On a $2,000 transaction, do you really want to go to two places with that?” Charlton asked.

Look for Charlton’s division to be coming out in the first quarter of 2015 with a “standard” BOP, specialty commercial lines coverage, coverage for stand-alone bars and restaurants, and coverage for nonprofits including nonprofit D&O coverage.

“It’s been fun to bring this team together,” Charlton said.

Making Cyber Risk a Global Priority

12012014_02_cs_profiles230px300px_TracieGrellaAIGTracie Grella
Global Head of Professional Liability
AIG

Tracie Grella, global head of professional liability, has taken cyber coverage to a new level.

She and a team of actuaries, underwriters and claims managers developed CyberEdge PC, a cyber risk product that covers property damage and bodily harm caused by a cyber attack.

AIG first developed coverage for cyber risk back in the 1990s, but with each and every day bringing news of a new data breach, Grella has worked aggressively on ways to protect insureds.

Released earlier this year and already offered in 47 countries, the coverage has garnered a “great deal of interest” from brokers, she said, because it addresses an exposure often overlooked by traditional cyber, general liability or property policies.

“The need is growing, but organizations still don’t understand what their exposure is, how to evaluate it, and how much they want to transfer to insurance,” she said.

She also strives to raise awareness about cyber security through speaking at events around the globe, and through the creation of the CyberEdge mobile app, which provides the latest news regarding cyber threats and regulatory changes, as well as a global cyber breach map and a breach cost calculator.

Promoting the product globally has been a challenge because it reaches across multiple disciplines and addresses an exposure that can be hard to identify.

Grella embraced that test by calling on the expertise of over 200 underwriters worldwide, vendor partnerships, and the support of various industry groups to educate company leaders and brokers about the product — a goal she will continue to pursue in 2015.

Room to Run

12012014_02_cs_profiles230px300px_Lou-IglesiasLou Iglesias
President
Allied World North America

Specialty insurer Allied World was in a period of accelerated growth, led by Gordon Knight, then-president of the company’s North American division, when Lou Iglesias joined the company as president of the P&C division in 2012.

In 2014, Knight retired, having doubled the size of the company’s U.S. operations during his brief tenure.

That left some rather large shoes to fill for Iglesias, who was tapped to succeed Knight. Iglesias is energized by the challenge, though, and has no intention of allowing the company’s momentum to slow.

“We’re in a really fun and interesting phase in the growth of our company,” said Iglesias. “We have a tremendous amount of room to run.”

Allied World’s gross premiums written were $707.9 million for the third quarter of 2014, a 22 percent increase, compared to the third quarter of 2013. The U.S. insurance segment grew by 25 percent, led by nearly 43 percent growth in general casualty.

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In October, Allied World announced a significant realignment of its two insurance business segments, giving Iglesias responsibility for all insurance lines of business of the Bermuda operation, while continuing to oversee production and profitability for Canada and all U.S. branch offices.

Iglesias said that getting the company’s underwriting expertise out into the field — “closer to our clients and closer to our brokers” — remains a key focus.
He also wants to identify and develop that expertise, he said.

“I believe in empowering people and giving them enough room to succeed,” he said. “I think that’s how you get the best people and keep the best people.”

A Unifying Mission

12012014_02_cs_profiles230px300px_PeterHancockPeter Hancock
President and Chief Executive Officer
AIG

Peter Hancock took over as CEO of AIG on Sept. 1, and has already made strides in steering the course of AIG’s future. Hancock’s vision is an ambitious one, reshaping management to drive unification, on a mission to create “One AIG.”

“My goal was to create a simpler organization where we will most effectively embrace the diversity of skills across our organization, and then put those skills to work for the good of our customers,” said Hancock. The new structure, he said, will allow the company to tap into opportunities that might be overlooked under a more siloed approach.

Hancock previously served AIG as CEO of its property/casualty division and as executive vice president of finance, risk and investments. Building on that experience, Hancock is emphasizing the use of data in all decisions, whether in product development, marketing, pricing, customer selection, behavior analysis or overall optimization of portfolios. He’s investing heavily in science and engineering with the idea that the carrier can cut out fraud and waste, increasing profits.

“I see innovation and an embrace of technology as being integral to the development of AIG and the industry going forward,” said Hancock. “The tepid recovery following the Great Recession in advanced economies has pushed insurers, including AIG, to focus on innovation, with nimble operating models and growth strategies; big data to seek effective pricing strategies; and shifts in trends, be it consumer behavior or business models.”

AIG recorded total revenues of $16.65 billion for the three months ended Sept. 30 this year, compared to $15.94 billion for the comparable period last year. Premiums for the quarter were $9.45 billion, up from $9.35 billion in Q3 2013.

To continue driving performance upward, the CEO’s mantra for the property/casualty business is value over volume, and he plans a broader implementation of value-based metrics at AIG.

Explained Hancock, “We want to keep focusing on our true north: where the value is greatest to our customers.”

Stability and Success

12012014_02_cs_profiles230px300px_TomLawsonFMGlobalThomas Lawson
President
FM GLOBAL

Tom Lawson began 35 years ago at commercial and industrial property insurer FM Global as a loss prevention engineer, his first job out of college. In January, he takes the helm as CEO.

And how appropriate is it that a property risk engineer is the new leader of a mutual organization so well known for its scientific and engineering advancements in the area of property loss prevention?

Under retiring CEO Shivan Subramaniam, the insurer grew from $1 billion in annual revenue in 1999 to $5.6 billion in 2014.

“I do have big shoes to fill,” Lawson said. “Luckily for me, I have a great role model.”

He has no giant steps planned for those shoes at the moment.

“We have a long tradition of stability and success,” Lawson said. “Going forward, that won’t change. Our vision and values are going to remain the same.”

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While downward pressure on pricing will keep the market competitive, the company’s focus on using predictive analytics, addressing emerging risks and its “highest client retention rate in the industry” put the company in good stead, he said.

“We are focused on making sure we deliver competitive products and services,” he said. “Through a research and engineering focus, we always aim to come up with solutions to property risk questions before clients ask.”

One “good example of where we are heading with analytics,” he said, is the FM Global Resilience Index, which provides a drilled-down look at supply chain disruption risk and resilience in nearly 130 countries.

“I am extremely excited about the future. Next year will mark our 180th year serving clients. FM Global has a great history of success and I am looking forward to making sure that continues.”

Decentralized Authority

12012014_02_cs_profiles230px300px_chris_leiszCNAChristopher Leisz
SVP, Chief Underwriting Officer for Specialty
CNA

Specialty lines, especially management liability, financial institutions, professional services and health care, are becoming more in demand as insureds see increased regulatory pressure due to such disparate reasons as the Affordable Care Act, SEC investigations and legal M&As, just to name a few.

It is in this atmosphere that Chris Leisz has taken on a new and significant leadership position at CNA, with the responsibility for the underwriting strategy for the specialty lines of business.

“I am not trying to effect a major change,” he said. “I just want to help tweak and refine the things they are doing.”

But putting the bulk of underwriting authority at the branch level might be considered more than a tweak.

Since he started at the company in February, Leisz has worked to empower a decentralized underwriting structure that has a strong customer segment focus. As a whole, CNA has streamlined into a more specialized business insurer that focuses on specific industries, which it calls “customer segments.”

Leisz said the decentralized approach not only strengthens relationships and gives customers faster responses, but it also aids cross-selling of products.

“I am committed to getting authority out to the field,” he said. “It’s an evolution,” requiring new tools, a training curriculum and consensus-building.

“I enjoy getting everybody on board,” Leisz said. “When it’s everyone sharing it, it becomes part of your DNA. When it’s one person doing it, it raises a big disconnect.

“You have to understand the strategic and cultural changes so you can maintain focus and move the decisions forward,” he said.

Even with overcapacity in the market, insurers will see exposure growth due to a strengthening economy, he said.

“We bid in some of the more volatile parts of the industry when it comes to specialty lines,” Leisz said. “It’s an extremely competitive environment.”

Bringing Value to Clients

12012014_02_cs_profiles230px300px_Sansone_MicheleMichele Sansone
President
XL North America Property

Michele Sansone has made her mark at XL for the past three years, serving as chief underwriting officer and helping XL’s North America Property business more than double its book of business.

She was appointed in May as president of XL’s North America property insurance business, and now directs XL Group’s property underwriting activities, including general property and energy property business across the U.S., Canada and Bermuda.

Sansone has also been appointed head of global risk engineering (XL GAPS), overseeing a global network of risk engineers who provide on-site property risk analysis and support clients’ property loss prevention programs.

“Our risk engineering, especially, brings a lot of value to the table,” said Sansone. “It’s not just about writing a property policy. We’re really trying to help our clients stave off loss but also keep their operations safe and reliable.

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“Going forward, we want to help more clients reap benefits of our risk analysis legwork. The information is too valuable just to be left alone until the next renewal.”

While increased capacity presents an ongoing challenge across the property/casualty market, Sansone said, XL’s competitive edge will continue to fuel growth, backing up its capacity with industry experience and the property risk management guidance clients need.

“It’s not all about the financial protection offered by the insurance contract,” she said. “It’s also about other ways we help our clients avoid loss and quite simply, run safer operations that put their equipment, their employees and their customers at less risk.”

Achieving Growth Through Team Building

12012014_02_cs_profiles230px300px_Seib_LorraineLorraine Seib
President
Global Excess Casualty
XL Group

Since becoming president of XL Group’s global excess casualty business three years ago, Lorraine Seib has been tasked not only with growing the business, but also molding its three access points — Dublin, Bermuda and North America — into one unified team.

“Before I came on board, they kind of operated in silos, and even competed against each other for the same North America base of customers,” she said. “You have to have a cohesive team to be successful.”

Seib held all-employee meetings to bring her roughly 60 team members together, allowing them to bond and form the collaborative relationships that have been so vital to XL’s growth.

The excess casualty business is currently one of the company’s most profitable, with about $380 million in gross written premium. Seib plans to bring that up to $500 million within a few years, focusing on the upper middle market in North America.

“There’s a huge growth opportunity there, because historically we haven’t played there before,” Seib said.

For the coming year, she will focus on adding local talent to existing teams in Dallas; Kansas City, Mo.; Atlanta; and Exton, Pa.

In addition to technical capabilities, Seib wants her team to have strong local relationships.

“Brokers want to deal with a person they know who has handled their account for years,” she said. “I don’t have one person on my team who isn’t running on all cylinders, and I’m very proud of that.”

Encouraging Courage

12012014_02_cs_profiles230px300px_BenWalterHiscoxBen Walter
CEO
Hiscox USA

Ben Walter is proving that you don’t need decades of experience in the insurance business to make an impact.

Walter, a Kellogg School of Management MBA and a former managing director of BlackRock, joined Hiscox in 2012, and is engineering a rapid expansion in the United States for the Bermuda-based specialty insurer.

Revenue for Hiscox USA is up 25 percent year over year, and the company is continuing to hire, growing from 175 employees when Walter took over to more than 300 currently.

The company made a bold move in 2010, becoming the first in the U.S. to offer insurance to small business directly through Internet sales. Hiscox USA is now licensed to sell insurance directly to small businesses in 40 states and plans to be completely national in that regard in a couple of years.

The company already operates in all 50 states through more standard channels.

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“We’ve focused on the states with the most opportunity and our products are now available to nearly 90 percent of all U.S. small businesses,” Walter said to Risk & Insurance® in November.

“I really believe we punch above our weight on the marketing side,” Walter said, in responding to the observation that Hiscox was a relative unknown here five years ago.

“Three years ago we produced a web series about small business that had over 11 million views across two seasons.”

A big initiative for Walter and Hiscox USA in 2015 will be the launch of its new tag line “Encourage Courage” which will build on the existing company values of “Courage, Integrity, Quality, Excellence in Execution and being a Human Organization.”

Dan Reynolds is editor-in-chief of Risk & Insurance. He can be reached at dreynolds@lrp.com.
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Sponsored Content by CorVel

RIMS Recap: Tech Trends that Could Change Everything

The future is here, and emerging technology is transforming the landscape of workers' compensation.
By: | May 8, 2015 • 5 min read
SponsoredContent_CorVel

Last month, Gordon Clemons, CEO and Chairman of CorVel Corporation, presented at the RIMS Conference in New Orleans, La. about emerging technology and how it is impacting risk management and workers’ compensation. The discussion served as a springboard for new insights on how technology will change the industry, and reaffirmed the need for integrated systems and human interaction for the best results.

The presentation noted the future is here – and technology is constantly evolving in hopes of outpacing tomorrow’s needs. As these technology platforms become more inherent in daily life, the gap in translating their utilization to workers’ compensation will begin to close.

Technology in Healthcare

Gordon Clemons, CEO and Chairman, CorVel Corporation

While many consumer-based technology advancements exist in other industries, perhaps most notably in the retail space helping vendors to reduce various delays in the sales experience, people may forget that healthcare, too, is a consumer industry. And as such, healthcare also experiences workflow lags, which can be collapsed.

While patients and claims may not lend themselves as freely to mobile applications and technology that subscribes to the “Internet of Things” philosophy, the rapid rate of development foretells the not-too-far-off arrival of the “a-ha,” “wow factor”-type application that consumers are seeking in the healthcare industry.

Once we get there, we can only expect that the Pangea of resources will yield better outcomes. The potential impact to medical management includes more affordable/accessible healthcare, patient convenience, personal assistance, automatic inputs to claims systems and less administration from both patients and injured workers.

“Healthcare is stubborn about change. There are more data points in healthcare and there is a greater need for high quality and accuracy,” Clemons said.

SponsoredContent_CorVel

Tech Trends for the Next Digital Decade

As an industry advocate in all things innovation, CorVel has been keeping tabs on emerging tech trends. As they begin to influence in other industries, it sparks the question – will they eventually change workers’ compensation?

Here are some of the trends on CorVel’s radar:

Wearables

Smart phones and tablets were the first mobile devices to really start to gain traction across people’s personal lives. Since then, wearables (like Fitbits and smart watches) have been part of the next digital generation to be taken up by consumers.

As these personal devices quickly advance, wearables could offer payors and employers added insight into the wellness of claimants through the extent of their retrievable data.

Beacons

Beacons are devices that use low-energy Bluetooth connections to communicate messages or triggers directly to a smart device (such as a phone or tablet). Retailers have started using this technology, sending offers to near-by consumers’ phones. Now the concepts of smart mirrors and smart walls offer a one-stop-shop with recommendations related to the preferences of the shopper – making a hyper-efficient business model. It is possible that we could see these devices adapted to being a catalyst for healthcare’s business model by reducing the delays of administrative work.

Drones

Formally known as unmanned aerial vehicles (UAV), drones can be remote-controlled or flown autonomously through pre-defined flight plans within their internal systems. Some carriers are testing the use of drones to potentially be used to evaluate property damage and responding to natural disasters.

Telemedicine

As most injuries reported in workers’ compensation are musculoskeletal injuries, the industry lends itself well to the benefits of telecommunications and telemedicine. With the rise of electronic capabilities, telemedicine becomes another option to help guide an injured worker through their entire episode of care, reducing time delays.

In order to get to that point in time, implementing these trends (and those that are yet to be launched) will only be as successful as the population willing to accept them. Buy-in will require a commitment to the long-standing pillars of the industry. According to Clemons, “While technology can truly move the needle in workers’ compensation, it will take more than bells and whistles to maximize its impact.”

“People’s feelings are valid. The skepticism surrounding new technology is not misplaced, but neither is the enthusiasm,” Clemons said.

New Trends, Same Priorities

SponsoredContent_CorVelBeyond the buzzwords and hype surrounding the latest apps and devices, for new technology to succeed within the workers’ compensation realm, it boils down to the two primary concepts that drive the industry to begin with – effective infrastructure and a people-first philosophy.

The power of applicable resources and the actionable data that results from them is in the foundation of the systems themselves; that primarily being through the influence of integration. It is not a new concept; however, as technology advances and the reach of analytic capabilities broadens, it is important to find a provider that can harness this data and channel it into effective workflows to increase efficiencies and promote better outcomes.

CorVel’s proprietary claims management system has been developed and supported by an in-house, full-time information systems division to be intuitive and user-friendly. Complex, proprietary algorithms link codified data across the system, facilitating collaboration between services, workflows, customers, and technology and eliminating the risk that a crucial piece of information will be missed. The result is an active “ecosystem” providing customers with actionable data to provide the most accurate, comprehensive picture at any time, while also collapsing inherent delays.

For the injured worker, the critical human touch connection in the workers’ compensation process can never be minimized. By cutting lag time throughout the various inefficiencies underlying the industry’s workflows, CorVel can connect injured workers with quality care sooner. As systems advance, claims and managed care associates do not have to spend as much time on administrative work and will instead be able to devote more time to the injured workers, reviving the human touch aspect that is just as impactful within the industry.

Regardless of the technology that lies ahead, CorVel looks to the future with investments in innovation, while not losing sight of their role and responsibility to clients and patients. Dedicated to constant improvement for the services they provide injured workers and industry payors, CorVel is committed to improving industry services one app, click, drone (or whatever is yet to come) at a time – perhaps something to discuss in San Diego at next year’s RIMS conference.

For more information, visit corvel.com.

SponsoredContent
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This article was produced by the R&I Brand Studio, a unit of the advertising department of Risk & Insurance, in collaboration with CorVel Corporation. The editorial staff of Risk & Insurance had no role in its preparation.




CorVel is a national provider of risk management solutions for employers, third party administrators, insurance companies and government agencies seeking to control costs and promote positive outcomes.
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