BOSTON--(BUSINESS WIRE)-- <\/p>\n
Now even more commercial insurance brokers, agents and buyers can better understand the pivotal role predictive modeling plays in effectively managing the total cost of workers compensation claims through the re-release of a webinar from Liberty Mutual Insurance. As a result of high demand and interest, this webinar is now available via Liberty Mutual Insurance\u2019s website to those who were not able to view the event when it was hosted live in December. <\/p>\n
The InnovationNow: Experience the Future of Predictive Modeling webinar walks viewers through Liberty Mutual Insurance\u2019s next generation predictive model, which quickly identifies potential outlier claims \u2013 those whose costs are likely to escalate beyond the normal range \u2013 enabling claim managers to bring the resources needed to effectively manage each claim. <\/p>\n
The success of Liberty Mutual Insurance\u2019s next generation predictive model at better managing policyholders\u2019 total workers compensation costs stems from the accuracy of the model and its integration into Liberty Mutual Insurance\u2019s VantageComp\u2122 claims management process. <\/p>\n
\u201cAlmost 50 percent of most workers compensation policyholders\u2019 claims drive 90 percent of total claim costs,\u201d explains George Neale, executive vice president and general manager for claims, Liberty Mutual Insurance\u2019s Commercial Markets strategic business unit. \u201cWhile some of these are obvious from the start, such as a construction worker falling at a jobsite and becoming a paraplegic, most outlier claims emerge over time. Identifying these early and getting them the proper resources quickly, delivers the best possible outcomes for injured workers and their employers.\u201d <\/p>\n
The ability of Liberty Mutual Insurance\u2019s next generation predictive model to accurately predict outlier claims as early as claim intake stems from the model\u2019s sophisticated multivariate analysis and vast workers compensation database \u2013 the largest in the industry. <\/p>\n
\u201cTo enhance our predictive model \u2013 initially developed in 2004, one of the first built by a workers compensation insurer \u2013 we sorted through our workers compensation and medical billing data to find those variables that best predict outlier claims, and to understand the interplay between them,\u201d notes Paul Ivanovskis, the Liberty Mutual Insurance senior managing actuary who helped develop the model. \u201cWe evaluated more than 825,000 lost time claims and 140 million individual medical billing transactions. To validate the accuracy of the updated model, we ran an additional 200,000 lost time claims \u2013 which were not included in the evaluation phase \u2013 through it. The model accurately predicted the outlier claims that developed in that \u2018holdback\u2019 data.\u201d <\/p>\n
However, an accurate model is only part of the total solution. <\/p>\n
\u201cTo have a meaningful impact on policyholders\u2019 claim costs, a predictive model must be institutionalized within the claims management process,\u201d explains Maureen McCarthy, senior vice president, workers compensation and managed care, Commercial Markets, Liberty Mutual Insurance. \u201cEvery one of our claim professionals has been thoroughly trained on our next generation predictive model and the alerts it generates highlighting potential outlier claims and suggesting management strategies.\u201d <\/p>\n
More information on Liberty Mutual Insurance\u2019s next generation predictive model, including the webinar, can be seen at http:\/\/www.libertymutualgroup.com\/business-insurance<\/a>. <\/p>\n About Liberty Mutual Insurance <\/p>\n \"Helping people live safer, more secure lives\" since 1912, Boston-based Liberty Mutual Insurance is a diversified global insurer and the third largest property and casualty insurer in the U.S. based on A.M. Best Company's report of 2010 net written premium. <\/p>\n Liberty Mutual Insurance also ranks 82nd on the Fortune 100 list of largest corporations in the U.S. based on 2010 revenue. As of December 31, 2010, Liberty Mutual Insurance had $112.4 billion in consolidated assets, $95.4 billion in consolidated liabilities, and $33.2 billion in annual consolidated revenue. <\/p>\n Liberty Mutual Insurance offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, property, commercial automobile, general liability, global specialty, group disability, reinsurance and surety. Liberty Mutual Insurance (www.libertymutualinsurance.com) employs over 45,000 people in more than 900 offices throughout the world. <\/p>\n<\/p>\n Go here to read the rest: BOSTON--(BUSINESS WIRE)-- Now even more commercial insurance brokers, agents and buyers can better understand the pivotal role predictive modeling plays in effectively managing the total cost of workers compensation claims through the re-release of a webinar from Liberty Mutual Insurance. As a result of high demand and interest, this webinar is now available via Liberty Mutual Insurance\u2019s website to those who were not able to view the event when it was hosted live in December. Continue reading
\nLiberty Mutual Insurance Webinar Highlights Predictive Modeling\u2019s Key Role in Better Managing Total Workers ...<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"