Claims Payors: How Do You Make Your Data Work For You?
According to Big Data statistics compiled by Forbes, “the amount of data created, captured, copied, and consumed in the world increased from 1.2 trillion gigabytes to 59 trillion gigabytes, an almost 5,000% growth” between 2010 and 2020. This burgeoning wealth of data, however, is of no value without the ability to organize, analyze and apply it.
CorVel Corporation surveyed employers and payors about the use of data analytics in their workers’ comp and liability programs, and more than 50% of respondents said they wanted more data from their service provider. Just 57% of respondents said their service provider also acts as a data consultant.
“A lot of vendors can gather data, but they don’t explain it. What’s the data really telling you? That requires expertise within the field, an understanding of the business and market in question, to pull together disparate pieces of data and come back with something that’s actionable,” said Jeffrey Gurtcheff, Vice President of Strategic Insights at CorVel Corporation.
“Traditionally, the biggest barrier in harnessing the full potential of data is that companies lack a consultant — a team focused on helping the customer understand and apply data insights to improve outcomes.”
A dedicated data analytics service — including consultation — can help payors and employers develop specific, targeted plans to identify and mitigate drivers of claim frequency or severity and reduce their total cost of risk. Here’s how.
To learn more about CorVel, please visit their website.