Three Workers’ Comp Trends & How To Manage Them

In 2019, we have seen a variety of workers’ compensation trends come into even sharper focus, from electronic billing to medical marijuana to the aging workforce.

Identifying and effectively managing trends and changes in the workers’ compensation industry can help claims organizations to make continuous operational improvements that can ultimately have a positive effect on their bottom lines and more importantly on positive outcomes for injured employees.

Below, we have explored three significant trends affecting the industry today and outlined key tips for effectively managing them.

In the next five years, the number of workers aged 55 and up is projected to grow by 3 million workers, according to the Bureau of Labor & Statistics.

In the workers’ compensation industry, the aging workforce is a double-edged sword. On one hand, the aging population impacts the severity and type of injuries that occur in workers’ compensation claims. On the other hand, changing workplace demographics also affect the adjusters that are managing these claims, since many insurance adjusters today are retiring and a new generation is entering the field.