What Technology Brings to Workers' Compensation Insurance

What Technology Brings to Workers’ Compensation Insurance

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By citiesabc resources

Workers’ compensation insurance ensures that employees are financially protected in the event they sustain injuries on the job. In some places, workers’ compensation insurance is a legal requirement. Employers who do not have it can not only get into a lot of trouble with industry regulators, but also end up facing lawsuits if employees hurt themselves at work. Technology has changed the way workers’ compensation applications and claims are handled, however. If you are an employer who’s interested in taking a policy out, read on to find out more about how technology has changed workers’ comp. 

What Technology Brings to Workers' Compensation Insurance

Finding Support

One of the main advantages of technology is that it has made it easier than ever for business owners to find suitable insurance policies. The experts on the website of TruPoint, Inc, say that they can provide comprehensive coverage and peace of mind, which is streamlined by their website. Before the internet, businesses had to use phone books and directories to find insurance companies. They weren’t able to conduct basic web searches, and then read the reviews of businesses to determine their suitability. On that note, read the reviews of your chosen insurer, so you can decide whether they are right for you or not. 

Automated Claims

In the past, workers’ comp claims took months to process. This was because everything was done on paper and relied on the USPS. Nowadays, however, claims can be processed online. Not only can they be processed online, but they can be fully automated. Automation streamlines claim processing and makes the lives of claimants and insurance adjusters much easier. As well as automating claims, data entry has been fully automated, so insurance adjusters don’t have to worry about filling out pages and pages of paperwork. 

Fraud Detection

Fraud detection has never been easier, either. Unfortunately, it is not uncommon for workers to make fraudulent claims, or to exaggerate the nature of their claims. They usually do this so that they can claim the maximum amount of compensation, which their injuries might not make them eligible for. Fortunately, technology has made it easier than ever for insurance companies to quickly detect instances of fraud. Fraud detection saves insurance companies money and ensures that fraudulent claimants are identified and prosecuted, which benefits businesses because they don’t have to worry about employing criminals or having their insurance premiums increase. 

Workplace Injuries

Workplace injuries can cost businesses a lot of money. Technology can be used to minimize workplace injuries. Employees who work in dangerous industries are able to use wearable tech to identify threats and let them know when they are in danger. They can, for example, wear smart helmets, biometric sensors, and devices that track their heart rate, oxygen levels, and even blood pressure. While these tools can be expensive, they prevent workplace injuries or illnesses from occurring and ensure businesses don’t have to worry about their premiums going up because of claims. 

What Technology Brings to Workers' Compensation Insurance

Risk Assessment

Risk assessments have been streamlined and optimized, too. This is because technology makes it possible for insurance adjusters and risk assessors to determine a business’s level of risk. Risk is always a problem in business, regardless of industry, but by mitigating it, businesses can reduce the likelihood of workplace injuries occurring. As well as minimizing their risk, risk assessments also give businesses an opportunity to lower insurance costs. The fewer risks one’s employees are exposed to, the less insurance companies will charge for workers’ compensation coverage. A risk assessment will have to be performed before an insurance company can decide whether to offer you coverage or not. 

Medical Evaluations

When an employee makes a claim for workers’ compensation insurance, they have to undergo medical evaluations. In the past, medical evaluations had to take place in-person. This led to delays, wasted time missed appointments, and injured employees having to exercise a lot of effort to travel to and from appointments. Now, thanks to telehealth technology, employees can have their medical evaluations from the comfort of their homes, which saves them time and hassle, and saves insurance companies money. The less insurance companies have to pay, the lower their plans and policies are. 

Data Security

Data security is of the utmost importance in the modern world. It is, unfortunately, the case that cybercriminals can be found all over the internet. They target businesses of all types. The chances are that at one point or another, your business will also fall victim to cybercrime. Because insurance companies handle employee data, they have to use technology to ensure that it does not go missing, get stolen, or get changed. You don’t have to worry about this happening and your business being held accountable for data loss or cybercrime because cybersecurity technology exists to protect it 

Workplace Monitoring

Technology makes it possible for insurance companies and business owners to monitor their workplaces in real-time. Real-time workplace monitoring, in addition to allowing businesses and insurers to identify risks, can also make it possible for fraudulent claims to be quickly thrown out. Real-time monitoring technology often records workplaces, which means if an employee claims they have been injured at work, employers or insurers can quickly go back and view footage from the day they were injured. This enables them to see whether the employee was telling the truth or not, and determine the extent of their injuries (and find out what caused them). 

Injury Prediction

Finally, technology has, astonishingly, made it possible for businesses to predict injuries. While technology is not able to predict the exact dates and places people will get injured, it can be used to give businesses an idea of how often they will have to deal with injury claims and the number of claims they might have to deal with each year. This kind of technology is mainly used by insurance companies, so they can reduce their risk. Insurance companies are less likely to insure a business they deem as dangerous, and if they do, they will charge more.

Technology has streamlined workers’ compensation claims and made the lives of business owners much easier. If you run a business that is in need of workers’ comp, learning about how technology influences the industry is an essential first step. 

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