When it comes to workers’ compensation what are your top concerns?
Riverport's Matt McColley and three other insurance industry leaders respond to this month's question.
“My main concerns have always centered on providing unique, cost effective return-to-work solutions for the injured workers. Bringing them back into the work environment will not only speed recovery, but also will reduce ultimate loss costs.”
1. MATT MCCOLLEY, Vice President, Chief Claims Officer, Riverport Insurance Services. CLM Fellow since 2009.
“Workers’ compensation payers may need to be more mindful of Monday claims reports. As health care deductibles and copays rise, so does the risk of cost shifting from health to workers’ compensation policies, where there are no out-of-pocket
expenses for patients.”
2. VALERIE RABURN, VP and Chief Innovation Officer, Insurance, Xerox Commercial Solutions. CLM Fellow since 2011.
“Staying focused on safety and loss prevention is one of my top concerns. Zero accidents take care of workers’ compensation costs. Medical care costs continue to increase. Assisting employees
with medical case management and wellness programs can
make a difference.”
3. JOHN SHELONKO, Vice President, Risk and Insurance Risk Management Department, Lafarge. CLM Fellow since 2007.
“It remains one of the leading expenses for many companies, so managing such is essential. My top concerns are: an evolving and aging workforce, implications of the Affordable Care Act, broadening medical treatments/prescription drug use, expanding state benefits, and the complexities of opiate and marijuana use.”
4. STEPHEN TRUONO, VP, Global Risk Management & Insurance, Starwood Hotels & Resorts Worldwide Inc. CLM Fellow since 2010.
Amount of average deductible for all covered workers in 2015, up 67% from 2010.
Source: Kaiser Family Foundation
Percent of insurers that expect a rise in workers’ compensation scams.
Source: Coalition Against Insurance Fraud
Increase to workers’ comp in California if three percent of soft-tissue claims shift from ACA.
Number of people each day who die from a prescription painkiller overdose.
1 in 11
Number of marijuana users who become addicted.
Source: National Institute on Drug Abuse