Liberty Mutual Insurance has announced that they will be rereleasing a webinar for commercial insurance agents, brokers, and buyers, so that they can better comprehend the vital role played by predictive modeling in being able to best manage the total cost that stems from workers’ compensation claims.
The insurer made the decision to rerelease the webinar following a large amount of demand and interest. Liberty Mutual has now placed the webinar on its website so that those who missed the December’s event when it was originally hosted, will be able to have access to it.
The webinar is called “InnovationNow: Experience the Future of Predictive Modeling” and it guides its viewers through the latest version of the predictive model from the insurer. This model allows its users to rapidly identify possible outlier claims – that is, those that are most likely to generate costs that are above the typical range – so that claim managers will be able to prepare themselves with the necessary resources for managing them.
This next generation predictive model has been highly successful in helping to manage the total cost of workers’ compensation by the policyholders, through its accuracy as well as its integration with the insurance company’s VantageComp process for claims management.
According to the executive vice president and general manager for claims for the Commercial Markets strategic business unit at Liberty Mutual Insurance, George Neale, “Almost 50 percent of most workers compensation policyholders’ claims drive 90 percent of total claim costs.”
Neale added that though there are some costs that are evident from the beginning – such as a jobsite fall by a construction worker that leads to paralysis – he went on to explain that the majority of outlier claims develop as time passes.