16 Jan One Company’s Unique Workers’ Compensation Answer Revealed
In December at the Mandalay Bay in Las Vegas, the insurance solution company Instatec revealed a one of a kind solution to workers’ compensation claims. Bloom Law Office keeps an eye on these types of developments, and the Instatec answer is truly innovative—but will it work? The company recommends bettering technology to help carriers defend their market share in a rapidly expanding workers’ compensation market.
The company revealed their cloud-based policy and underwriting option to help streamline reporting. The National Council on Compensation Insurance reported that for the past two years, 94 percent had been the combined ratio for workers’ compensation carriers. It’s the lowest in thirty years, mainly thanks to technology. A better labor market also helped drive premiums in the past year, and is expected to keep growing through at least 2022. However, these impressive numbers are also driving up competition for both existing areas and new arrivals.
Better technology means better customer service, claims processing, and payments. The Instatec solution boasts rules and forms for all states featuring the latest NCCI rates. Users can opt for subscription pricing to “play nicely” with their costs as the employers shifts in scale. Reporting is made easier, which is a win-win for all involved.
All employers are required to provide workers’ compensation coverage for their employees, but a better functioning system on the employer’s end can mean an easier time if and when an employee needs to file a claim. Technology is shifting how workers’ compensation “works” for everybody involved. For example, an increase in virtual workers has changed what “on the job” means for a lot of employees.
Contact Jeffrey M. Bloom For A Free Workers’ Comp Consultation
Instatec technology is already available for employers, but the company’s presence at the biggest workers’ compensation conference in the country is sure to draw in more interested employers. It’s a trusted company in the industry, and a spokesperson said that more and more employers are searching for the right solutions as startups flourish. While businesses move from one man shows and tiny startups to full-fledged employers, getting employees covered is a top priority. For answers to your workers’ compensation questions, schedule an appointment with Bloom Law Office today – free workers’ comp consultations are available.