17 Oct Workers’ Comp Wises Up
Does your workers’ comp insurer seem particularly savvy lately? It’s a question that’s been cropping up at the Law Offices of Jeffrey M. Bloom, and the answer is yes—thanks to analytics. Analytics is a science that’s growing at lightning speed and uses raw data to suss out valuable information for various industries. It’s certainly nothing new, but it is a relatively new resource in the world of workers’ comp. Here’s why you should care.
Your Online Searches Could Effect Workers’ Comp
Many people don’t really understand what data analytics is because it’s flanked with all kinds of IT jargon. However, for a quick lesson on how powerful it is and why it matters for workers’ comp, take a look at Amazon. If you’re shopping for something on Amazon and click on a product, you get a bigger view of the item and suggested items that are related to it under “Frequently bought together.” Amazon puts those suggestions there because it’s very likely you’ll need or want them, too.
However, these suggestions aren’t just because they’re related to the item you’re checking out. It’s also based on your past buying or searching pattern. Amazon is analyzing millions of people, including you, all the time to figure out how to best encourage you to buy more. This is the exact kind of analysis that’s taking place in workers’ comp now, too.
In some cases, insurers are making use of data analytics to help improve the safety of workplaces. By spotting dangerous trends or risky behaviors by individuals, insurers can help predict future accidents and stop them before they happen. When a trend is pinpointed, insurers can work with policyholders (employers) to figure out the root causes. Decreasing or stopping these trends might stem from adding safety training classes for employees.
What Are Your Options?
Data analytics can be a useful tool for insurers and policyholders, but it’s just one of many. Analytics can’t replace human judgment, experience, or intuition. However, some do worry that analytics will soon be regularly used against workers in workers’ comp claims. These claims can be frustrating and lengthy to handle on your own, especially if you’re an employee with a work-related injury. If this is the case, call the Law Offices of Jeffrey M. Bloom at 855-208-3650 for a complimentary workers’ comp consultation—and remember that we don’t get paid until you do.