Space may be the final frontier to anyone who's a Star Trek fan — and I know you're out there. But in the workers' compensation arena, analytics is the next frontier. Though the topic isn’t new to the workers' comp marketplace, there’s an important upward trend in using advanced analytics, as more and more companies and states move away from labor-intensive paper reporting.
ISO has built its analytics platform around the IAIABC claims and medical data standards. We offer services geared toward compliance, operations, and book-of-business reviews, among other areas. Workers' comp insurers are fortunate to have national standards to support our industry’s high demands for data. EDI (electronic data interchange) standards are once again gaining momentum, and now implementation is starting for Release 3.
It’s reasonable to suggest that carriers consider positioning themselves now for EDI reporting — and for taking advantage of the information and analysis you can get when you’re plugged into the system. This movement is likely to pick up steam, not taper off. As analytics becomes more affordable than ever, we urge you to explore the options available to help you meet your business needs and implement your strategies. Listen to our Workers' Comp Roundtable to learn what's happening and how it may affect you.