The workers’ compensation industry has undergone significant technological transformation over the past few years. From changing regulations to unprecedented staffing shortages, the key payers have had to navigate an onslaught of new challenges. The core objective of workers’ compensation insurance is to improve outcomes by having injured workers get back to the workplace as soon as possible. This article will help you learn more about the technology initiatives that have been attractive to most organizations and the driving technology adoption in the workers’ compensation industry. Continue reading to understand the impact of technology on the worker’s compensation industry:
Efficiency in claim processing
Telemedicine initiatives has received the most investment in the industry. From the reports, COVID-19 claims challenges were the biggest driver of technology adoption in workers’ compensation. Although telemedicine was the first time electronic payments and billing, it has been a clear technology trend for the industry in recent years. On the other hand, electronic payment systems have tremendously reduced paperwork and mailrooms. In addition, electronic payment systems have also offered significant operational cost savings that would otherwise go to writing paper checks. Since electronic payment programs can cut costs by up to 90%, they can make a big difference when it comes to workers’ compensation injuries.
Technology has led to a growing gig economy
With the increasing number of independent contractors, uber consultants, and freelance writers has led to the rapid growth of the gig economy. The number of people turning to the gig economy has recently increased. Through this technology, most workers have earned good money through the gig economy. As time goes by, this trend is likely to decrease payroll in the workers’ compensation system.
Hybrid AI has improved outcomes
Automation solution has brought a hybrid approach to worker’s compensation claims. As a result, this has enabled insurers to transform a manual workflow into one that delivers reliable and predictable outcomes. With proper technology and domain expertise, you can process critical documents and quickly extract the information necessary to evaluate a claim. This helps to turn around claims faster and also improves the customer experience.
Safer work environment over time
Technology has helped businesses to maintain safer workplaces through improved risk management plans. As a result, this has helped to decrease the chances of an employee getting injuries related to work. In addition, It has also reduced the amount of workers’ compensation claims that often arise from workplace accidents. Since the technology focuses on fixing safety issues in the work environment, you are likely to lower your workers’ comp premium hence saving money in the long run.
Although several external pressures are making it more challenging to achieve their core objective, the adoption of technology in the worker’s compensation industry has helped achieve this target. Technology has ensured instant treatment, easy access to medication and offer personalized health care to people who get injured at the workplace. You can click here to learn more. As a result, this has seen the injured return to work quickly while also reducing their total medical costs.