Cut costs and drive better outcomes with direct access to advanced benchmarking analytics from Workers’ Compensation Diagnostic available on WTW’s RiskIQ analytics platform.
Workers’ Compensation Diagnostic means benchmarking customized to what matters to you. Select and weight up to three industry groups and compare to like jurisdictions that best reflect your organization’s profile to benchmark against businesses closely matched to your operations.
With Workers’ Compensation Diagnostic’s powerful, multi-dimensional view of your loss experience you can:
- Evaluate performance against your customized peer group, for more relevant benchmarking insight
- Pinpoint and address your top loss drivers from diverse key performance indicators
- Reduce costs with recommendations based on the specifics of your business
- Quantify the impact of improved claims efficiency, projecting potential future savings and financial performance gains
- Visualize the financial impact of recommended mitigations, both pre-and post-loss
- Adjust your benchmarks anytime, exploring different scenarios and getting instant updates whenever you need them with no waiting, no hassle.
How can you optimize performance with Workers’ Compensation Diagnostic claims analysis dashboards?
- Claims baseline dashboard summarizes your claims data, letting you see trends and irregularities to enable faster, more decisive action
- Claim insights dashboard analyzes performance by location and policy year to reveal operational inefficiencies impacting claim costs
- Cost drivers dashboard identifies the key groups, regions and claim types driving costs, letting you zero in on targeted improvements.
Cause of Loss – Workers’ Compensation Diagnostic screenshot, for illustrative purposes only
How can you manage claims and reduce costs with Workers’ Compensation Diagnostic’s enhanced benchmarking?
Further reduce costs and manage claims even more effectively, with granular data on claim trends, duration and cost drivers from over 20 unique outputs.
Better measure and monitor performance, refine mitigation strategies and address what’s prolonging claim durations with Workers’ Compensation Diagnostic’s enhanced benchmarking insight.
Claims analysis example – Workers’ Compensation Diagnostic screenshot, for illustrative purposes only
How does Workers’ Compensation Diagnostic help you better communicate with colleagues?
Workers’ Compensation Diagnostic makes it easy to choose the most effective way to communicate your workers’ compensation benchmarking data to fit your colleagues, board’s or pre-loss teams’ needs.
Select visual or numerical data presentations and switch seamlessly between graphs and tables.
To get direct access to benchmarking based on your own customized, virtual peer group with Workers’ Compensation Diagnostic on Risk IQ, get in touch with our specialists.
Disclaimer
WTW hopes you found the general information provided here informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
