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What Will Workers Comp Industry Look Like In 10 Years?

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Workers Comp Looks To Change In A Static Industry

The Workers Comp industry always wonders what the landscape will look like in 10 years. Recruiters, Supervisors, and/or HR Departments will usually ask this question at some point in the job interview.  “Where do you see yourself in 5, 7, or 10 years?”   The standing answer usually is supervisor, Manager, and then VP.

Badge of 10 Years Workers Comp Look Like
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Using that same tact, where will Workers Comp be in 10 years?  One of the most sure things is the way that banking, insurance, and finance has stayed the same at its core while there have been quite a few changes.

The easiest way to project the next 10 years is to look at the same time period into the past.  The major changes for Workers Compensation were:

  • WCMSA Offsets
  • Affordable Care Act
  • Network additions such as PBM’s, DME’s, MPN’s.
  • Technology Advancement – even though WC severely lags in this area
  • More attention to ALAE (Allocated Loss Adjustment Expenses)
  • Recessionary Job Market’s effect on return to work
  • Carrier/TPA’s flux of centralization and decentralization
  • Vendor changes such as Intracorp
  • Adjusters less dependent upon assistants for communications and form processing
  • States becoming more homogenous such as adding fee schedules
  •  Exponential growth of WC info online
  • Remote adjusting
Family Running Workers Comp Through Sea At sunset
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The next 10 years for Workers Comp may have:

  • Claims staffs working from home more than in an office
  • Video (Skype, etc.) contact with employers, doctors, and injured employees
  • Remote video mediations
  • Elimination of all paper forms and files – the true paperless office
  • Hacking of WC data – some insurance claims systems are very vulnerable
  • 24 hour healthcare as a replacement for Workers Comp using Affordable Healthcare Act state and federal exchanges
  • Workers Comp becoming very homogenous – possibly the same forms and rules with indexing for weekly TTD payments across all states
  • Healthcare and Workers Comp insurance being provided by the same carriers more often
  • Certain jobs reduced sharply or eliminated – there were once exclusively WC field adjusters as I was one when I first started in the business.

There are many more changes that have occurred over the last 10 years and others that will occur in the next 10.  If you think of any, please feel free to comment. 

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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