What Is Claims Management Success? Data Can Help Define It

What story is your data telling you? Even the most tech savvy risk professionals may cringe when you use words like metrics, analytics or the phrase, “What are our biggest cost drivers?”

We know that data can be used in many ways when looking at the total cost of risk, and the answers to ‘What is our biggest cost driver?’ are not as simple. The data available in the industry is vast and can be intimidating.

There must be a starting point, however, for risk managers to start taking meaning from their data.

In the workers’ compensation world, I typically recommend reviewing your organization’s historical data over the last 5 years. Identify what your trends are organizationally and by location and department. Then, use this data to determine where you are going. What is your call to action?

The path on your road map should be a path to zero. Zero harm for our customers.