2021 Workers Comp Benchmarking Study – Hot Off The Presses
One of my favorite Workers Comp people in the workers comp industry forwarded me a link to download a copy of the 2021 Workers Comp Benchmarking Study.
Rachel Fikes of Rising Medical has been the study administrator since its inception. You can download a copy by going to this webpage. An associated webinar is available for those who do not like to read studies. Providing your email address will not cause you to be spammed for months.
I was invited to a think tank when this study was in its infancy almost a decade ago.
Workers comp claim departments are in need of updating on a micro and a macro level. I think that claims supervisors, managers, and VPs along with risk managers would find this info invaluable.
According to the 2021 Workers Comp Benchmarking study press release-
The ninth annual study draws upon first-person, focus group research and reveals real-world strategies industry executive participants are using to overcome deeply entrenched challenges. Eight years of prior study data shows—to succeed in the face of core claims challenges—organizations must undergo operational transformation to improve outcomes.
The resulting 2021 Report details specifically how high-performing claims organizations are transforming legacy processes, mindsets, semantics, and ingrained cultural practices to outpace their peers and propel new levels of claims management mastery.
Legacy is Key For ClaimManagement Operation Studies
In my old IT days, when any computer system was designated as legacy, many of the systems engineers’ ears would perk up. This meant the system was out-of-date and needed an immediate replacement. Does legacy describe the current workers comp environment?
Let us look at the techie definition-From Wikipedia and Webster’s Dictionary
In computing, a legacy system is an old method, technology, computer system, or application program, “of, relating to, or being a previous or outdated computer system,” yet still in use. Often referencing a system as “legacy” means that it paved the way for the standards that would follow it. This can also imply that the system is out of date or in need of replacement.
I attended a great presentation on the preliminary study results last year at the 2021 NWCDC Conference. Check out the article I wrote on the presentation here.
Downloading a copy of the 2021 Workers Comp Benchmarking study will be worth your time.