AI is revolutionizing industries, and risk and claims management is no exception. For small and medium-sized enterprises (SMEs), the potential to streamline processes, reduce costs, and detect fraud more effectively is enticing. But alongside the promise comes risk: cybersecurity vulnerabilities, compliance challenges, and dependence on third-party tools can make AI a double-edged sword. This article … Read more
How to Prevent Small Incidents from Becoming Big Problems Imagine this: An employee at a bustling warehouse slips on a small spill. They catch their balance, seemingly unscathed, and carry on with their work. No one reports it, thinking it’s just a minor mishap. Days later, another worker isn’t so lucky—a serious fall occurs at … Read more
Managing certificates of insurance (COIs) is a nightmare for many businesses. Tracking expiration dates, ensuring compliance, and manually entering data is time-consuming and error-prone. One missed renewal or incorrect entry can lead to compliance risks, legal penalties, or loss of coverage. You’re not alone if you still use spreadsheets or outdated methods to track COIs. … Read more
Managing claims is a critical task for many organizations. However, using manual processes or Excel spreadsheets for tracking can lead to inefficiencies, errors, and missed opportunities for improvement. As your organization grows and the complexity of claims increases, the shortcomings of these manual methods become more pronounced. This is where specialized claims management software solutions, … Read more
The total cost of work-related injuries was estimated to be $167.0 Billion in 2021. This cost estimate represents lost income and expenses incurred because of both fatal and non-fatal injuries according to the National Safety Council (NSC). Research and experience have indicated that companies who take an early intervention approach can save up to 40% … Read more
All Risk Management Information Systems (RMIS) solutions are not equal. Before committing to a risk management software solution, it is beneficial to research and understand capabilities, network security, services, and ongoing costs. The right RMIS system for covering risks, including workers compensation tracking software, can be invaluable to an organization. According to Grandview Research “The … Read more
Workplace injuries are expensive for the employee, and for the employer. The total cost of administrative expenses alone were $61 billion in 2020 according to the National Safety Council. Any reduction in the administrative costs can be applied directly to a company’s bottom line, and the right worker’s comp claims software is able to help. … Read more
Having the right type of workers comp claims management software can save organizations tens of thousands of dollars each year. It is important to understand the different types of workers comp software as they vary considerably based on price, features, infrastructure, and years in business. Workers compensation claims are expensive for employers. The total cost … Read more
The need for workers comp tracking solutions has increased since the onset of the pandemic, with third-party claims management increasingly relying on automation and remote tools. The reliance on these tools has significantly changed insurance claims handling and creates a greater need for workers comp tracking. As providers increasingly use remote technology to manage claims … Read more
Incident intake portals work in conjunction with claims management software or workers comp claims management software. Incident intake portals are used by supervisors in the workplace to start the process of reporting an incident or claim. This includes workplace accidents that may become workers compensation claims, or property incidents that may become insurance claims. … Read more