As companies struggle with workers' compensation claim issues, technology offers the potential to improve loss costs, as well as reduce administrative expenses and improve productivity, the Katie School of Insurance & Financial Services at Illinois State University found recently.
The school conducted a study to quantify the improvement in results that organizations have obtained following the implementation of claim technologies in the area of workers' compensation. Researchers also sought to identify ways in which organizations can better use claim technology.
The preliminary findings indicated that risk managers, carriers, and third party administrators were most concerned with finding technology to address the following top five problems:
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