Workers compensation technology is reducing claims frequency

Workers compensation technology - Computer - Business - Statistics

The use of tech within this insurance space is making positive changes to the market, says a new report. Workers compensation technology is proving exceptionally advantageous to the insurance market in terms of positive and sizeable changes, said an expert’s report. The tech is promoting reduced claims frequency, which is sending rates downward. The fewer the claims insurance companies receive, the less they must often charge for coverage. “We think it’s due to insurance companies doing better on the claims of their policyholders by using technology to drive down the…

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California workers compensation rates are on their way down, but remain expensive

California Workers Compensation - Construction Worker

The premiums dropped across the country, but those in the state still come with the highest price. A new study shows that California workers compensation rates have followed the dropping trend seen across the country. The coverage is becoming more affordable nationwide. That said, the Oregon Department of Consumer and Business Services found that California’s rates are still among the highest. California’s rates for workers’ compensation coverage are among the worst in the United States. The department published its Oregon Workers’ Compensation Premium Rate Ranking Summary, a report it issues…

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Berkshire-owned workers compensation insurance scam case reaches settlement

workers compensation insurance

Applied Underwriters, a Berkshire Hathaway owned firm, was ordered to cease bait-and-switch marketing. Applied Underwriters, an insurer owned by Warren Buffett’s Berkshire Hathaway, has agreed to a workers compensation insurance case settlement. The agreement involves providing Californian consumers with full disclosure about the product. The insurance company’s goal is to start selling plans again following a state review of alleged abuses. A major component of the settlement requires Applied Underwriters “to stop the bait-and-switch marketing tactics.” Many employers registered complaints from having been sold workers compensation insurance through bait-and-switch tactics.…

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North Carolina officials target employers without workers compensation

workers compensation insurance

The Industrial Commission has already fined and charged companies operating without proper insurance. In North Carolina, the Industrial Commission, the authority responsible for the enforcement of laws regarding workers compensation, has now started to target employers that have not been carrying adequate insurance in order to comply with the state’s laws. As a result of the crackdown that has been occurring over the last year, $1 million in civil fines have been collected. These civil fines were collected from companies without adequate (or any) workers compensation coverage. Moreover, beyond fining…

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Workers compensation board in Alaska moves to lower costs

Workers Compensation Insurance

Last week, they were seeking input from the public in order to gain ideas to reduce the rising expenses. The Alaska Workers Compensation board reached out to the public last week to help them to build ideas and receive the input of residents to be able to more effectively manage the rising costs associated with the coverage. Meetings were held by the board members in Anchorage, Juneau, Fairbanks, and Kenai. The opportunity was taken in those locations to help to gain ideas to help to stem the rising costs associated…

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Workers compensation facing reforms in Tennessee

workers compensation

 The state’s Capitol Hill has placed the coverage overhaul at the top of their list. Tennessee’s workers compensation system is facing some changes as reforms to legislation in the state are made in order to make job creation more attractive, but while still protecting employees who are injured while on the job. House Bill 194 is aimed at reducing business costs while making several coverage improvements. The goal of H.B. 194 is to make workers compensation more affordable to businesses, while it boosts the predictability of the coverage, betters the…

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Workers compensation payouts have exploded by 26 percent since 2007

Workers Compensation insurance

Over the last five years, the total amount of money received by injured employees in Oklahoma is way up. According to a Tulsa World review based on the cases that reached the Workers Compensation Court in Oklahoma over the last five years, the total amount of money that has been received by injured employees has skyrocketed by 26 percent. This has been a costly increase to employees and insurance companies during this time. The analysis showed that today’s employers and workers compensation insurance companies have had to pay out approximately…

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