How Artificial Intelligence is Moving Workers Comp Forward
CLARA Analytics is excited to be sponsoring and exhibiting at the National Workers’ Compensation and Disability Conference 2022. Come say hello at booth #437 to meet the CLARA team and catch a sneak preview of how CLARA is moving workers comp forward. RSVP here to learn more.
There’s a new vision for the future of workers’ compensation thanks to the evolution of artificial intelligence (AI).
For the past few years, the workers compensation industry has been marked by uncertainty. New working styles, shifting cost concerns, lagging tech adoption and other disruptions have all led to major changes.
Artificial intelligence (AI), big data and analytics are changing workers comp for the better. By combining the best of modern technology with insurance professionals’ claims experience, carriers and payers can ensure optimal outcomes for all.
Here’s how artificial intelligence and claims professionals are moving the workers compensation industry forward together.
AI analyzes what humans can’t.
While the human element is critical for the future of claims, no human could crunch the vast amount of claims data available. That’s where artificial intelligence comes in. For example, AI can help carriers determine which claims could be headed for litigation, how to avoid it and which attorney to hire if it does.
Best-in-breed artificial intelligence and machine learning-driven solutions illuminate the most accurate and robust data insights and alerts for casualty claims. AI-based applications deliver clear, demonstrable value to carriers and payers by quickly solving simpler cases and giving claims adjusters more time to focus on complex cases.
Data provides claims professionals with greater context.
In addition to their years of industry experience, carriers and payers have a major resource that new insurtechs lack: mountains of data. These pools of claims data can help adjusters make informed, evidence-based decisions to drive the best outcomes. Claims professionals just need an easy way to access and analyze the data to unlock the power of claims.
Automation increases speed and accuracy.
The rapid evolution of technologies is making it possible to automate portions of the process that were previously beyond reach. Thanks to AI and machine learning (ML), claims professionals are now empowered with new tools that increase their efficiency and vastly improve accuracy.
Automation supports a variety of digital-first, claims functions, including automatically flagging claims that are likely to need more attention, extracting relevant data and updating key information. This can help organizations to drive down costs, increase accuracy and accelerate the reporting process.
The worker is at the center.
All of this new insurance technology is great, but it doesn’t matter if the claims outcomes don’t improve for the worker. Insurtech should prioritize optimum claims outcomes above all.
What does an optimal claim outcome look like?
- Lower loss costs
- Lower claim expenses
- No litigation
- Faster time back to full health for the claimant
The best claim outcome is one that is a win for all: a win for the claimant, a win for the insured and a win for the carrier.
Moving workers comp forward with CLARA
CLARA Analytics is the leading AI-as-a-Service solution built by insurance industry veterans to optimize claims outcomes for carriers and self-insured organizations. Our products leverage the power of data and machine learning to help carriers and self-insured organizations avoid loss costs, lower claim expenses and elevate best practices.
Ready to see the future of claims for your organization? Request a demo today.