Insurance Software for Workers’ Compensation

Insurance Software for Workers’ Compensation

Companies within the United States often provide insurance for their employees. Some companies, however, are more likely to pay higher premiums than others. It is imperative that high-risk businesses make sure they assess safety and health concerns.

Factors to Consider

Insurance for your Employees

High-risk forms of employment, like the blue-collar sector where the “risk of injury” exceeds that of white-collar jobs, insurance companies have to pay particular attention.

It is imperative that high-risk businesses assess safety and health concerns; a significant amount of their revenue will have to be allocated towards their workers’ insurance plans.

Some Higher Risk Businesses Are:

  • Structural engineers
  • Dentists
  • Medical doctors
  • Contractors & Builders
  • Miners
  • Bridge Painters

High-risk businesses are more prone to accidents due to the nature of their operations and, consequentially, spend more money on claims. Thus, they must capture all the relevant claim information in order to avoid paying for claims they have not insured, preventing incidents that impact insurance companies’ efforts to pay the claims.

JDi has created a system called Claims Manager® that improves and eases the process of gathering information in regard to the insurance process and application. Processing claims can be both tedious and monotonous. By using JDi’s system, the whole process becomes faster, smoother, and more accurate.  The system reduces risk in errors and the data accumulated can be utilized to create comprehensive quality reports.

Accident Tracking

Accident claims can encompass a myriad of events that will require extensive reporting. There are some variables within accident reporting such as the type of accident that the individuals are involved in, the assets damaged, the extent of coverage, the insurance companies involved, etc.

Claims Manager® can continuously maintain records for years. It allows the organization to make informed projections using compiled data and provide a competitive advantage when it comes to future decision making.

Helps to Prevent Fraudulent Claims

Fraudulent claims cost insurance companies billions of dollars, annually. These companies have to take proactive actions against both criminal and cultural fraud. Using data analytics found within the system, companies can predict scams and establish measures while putting policies in place to deter scammers. Claims Manager® has also allowed for the insured to quickly and easily report any accidents by entering the details upon the incident occurring; the data is then organized and turned into useful information for the business.

Upon processing reports, the system then automatically analyze the data. The software maintains databases of previously reported accidents and filed claims. As mentioned, the system stores critical data for years which enables access to comprehensive reports and the ability to analyze and predict trends.

It’s easy to compare reports of repetitive claims being that all of the data is in one system. Assessment and comparison of data from any period can be made, allowing for better decision making and organization of activities.

JDi Data will not only make insurance claims an easier process but will also save revenue and assist in the future decisions and expectations for your firm. Contact JDi to learn more about the benefits of insurance software for workers’ compensation.

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