Reducing WC Loss Costs Thru Tech
Tuesday, February 18th, 2003 Technology Workers' CompensationInsurers could save $30 billion a year by improving claim processing, suggested a recent study by A.T. Kearney. The workers’ compensation sector is a prime example of billions of dollars’ being lost to antiquated claim processing. Today, Fair Isaac has specifically honed its Decision Manager technology to help transform the paper-based and manual workers’ compensation claim process. The resulting product, Decision Manager for Claims, uses business rules, decision trees, and decision tables to automatically chart a course of action for every claim, and continues to bring recommendations to the attention of claim adjusters until the claims are settled. The system is capable of reducing claim loss costs by up to 15 percent through increased efficiency and effectiveness.
