Settling claims benefits all sides

Companies are unnecessarily leaving tens of millions of collateral dollars tied up in escalating reserves and insurance premiums, say several workers' comp stakeholders.

Non-catastrophic claims that have been open for years should be moved toward settlement, which benefits employers, claimants, and insurers because it:

Takes the claimant out of the system and provides adequate money for wage loss and medical treatment.
Gives claimants a better quality of life since they are no longer relying on and living for the workers' comp system.
Closes the file and reduces outstanding costs.
Eliminates the opportunity for additional injury/illness.
Removes the threat of cost escalation which is more likely greater than the time value of the money held in reserve.
Solidifies the value of the claim and should have a positive effect on incurred but not reported losses and collateral calculation.

June 11, 2012

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