Workers’ compensation data compliance reporting is challenging; insurers must carefully format and submit detailed claim and policy data to state jurisdictions and data collection organizations. Verisk has solutions for all workers’ compensation compliance reporting needs that will help save time and improve reporting accuracy.
Verisk solutions streamlines workers’ comp data ingestion and reporting to improve compliance.
Managing numerous compliance reporting obligations can be overwhelming, especially when working through technical challenges in EDI states. If you struggle to keep up with each jurisdiction’s specifications, we have a tool that can help: the EDI Reporting Map.
For state regulators, managing the collection and review of vast amounts of claims data is an ongoing challenge. For both insurers and state regulators, deriving insights from workers’ comp data is a promising opportunity for improvement Learn how Verisk’s Workers’ Compensation Solutions provide accurate reporting, streamline data capture, and actionable analytics.
wcPrism is a complete suite of workers’ compensation data compliance reporting products for insurers. The component solutions include:
wcAnalyzer™ is a workers’ compensation analytics dashboard that is used by insurers to evaluate their EDI FROI/SROI reporting and compliance performance state-by-state, identify areas of concern, and help avoid potential noncompliance fines.
Data reporters now need to report additional data elements for indemnity benefit payments. wcPrism meets requirements for aggregation and valuation of claim data for indemnity claims. Read more on our blog.
We provide a wide range of claims compliance solutions—from extensive MSP services to efficient EDI reporting—as well as proven predictive analytics that improve workers’ compensation and liability claims management.
The Electronic Data Interchange (EDI) workers’ compensation reporting process entails the transmission of a vast amount of information, including detailed first reports of injury (FROI) and subsequent reports of injury (SROI) claims and medical billing data. Verisk has a solution that can help states and insurers get more from their compliance efforts.
Workers’ compensation data compliance reporting is challenging. Insurers must carefully format and submit detailed claim and policy data to state jurisdictions and data collection organizations. Verisk has solutions for all workers’ compensation compliance reporting needs that will save time and improve reporting accuracy.
Accurately determining workers’ compensation claim severity early is key to controlling claim costs. wcNavigator® uses predictive analytics to help adjusters and claims managers accurately identify claim severity as early as day one.
Complying with Medicare’s demands for future medical allocations requires deep knowledge of both medical and legal aspects of injury claims. We have a range of services to help you comply and expertly manage expenses.
Workers’ compensation insurers are challenged with managing complex claims, rising claim severity, and stringent reporting obligations. And with many experienced claims handlers nearing retirement, the challenges become even more daunting.
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