GDP, Cyber, Flood, Technology, Talent and more on III radar heading to 2019 The uptick in GDP has had a positive impact on the insurance industry, according to Laura Favinger, Chief Administrative Officer for the Insurance Information Institute (III). In the first half of 2018, insurance carriers nearly doubled their net income over the same period in 2017. The III sees exposures broadening a bit due to business development, consumer consumption and construction, … Read More
EFA Tests reducing workers comp losses from soft tissue injury Doctor MaryRose Reaston, Chief Scientific Officer and Founder of Emerge Diagnostics, discusses developments in the diagnosis of soft tissue injuries, defined as a muscle strain, neck strain rotator cuff tear or back pain – the main cause of many expensive workers compensation claims. Dr. Reaston says Electrodiagnostic Functional Assessment (EFA) Tests are diagnostic tools designed specifically for soft tissue injuries. … Read More
ACA hits Workers Comp insurers with Medicare reimbursement requirements…and fines for non-compliance The Affordable Care Act (ACA) is transforming the healthcare and health insurance industries. Here Jessica Smythe, a Medicare Secondary Payer Act Compliance Consultant with ISO Claims Partners, discusses how the ACA is also affecting workers compensation. Ms. Smythe says the impact of the ACA on Medicare and Medicaid is far-reaching. A large portion of the ACA was designed to curb … Read More
Obesity, reclassified as a disease, will have major financial implications for Workers Comp At the RIMS Conference in New Orleans, MaryRose Reaston, the Chief Scientific Officer and Founder of Emerge Diagnostics, discusses the major issues related to workers comp claims, the reclassification of obesity as a disease and baseline testing. According to Ms. Reaston, the three biggest issues affecting workers comp claims including determining and accepting claims that only arise from the course … Read More
Physicians dispensing drugs flout restrictions…driving up workers comp costs – WCRI Eighteen states have enacted reforms that put limits on the expensive practice of doctors writing and dispensing prescriptions from their office. Here, Dongchunn Wang, an Economist at the Workers Compensation Research Institute (WCRI), reviews a WCRI study that exposes ways physicians go around the restrictions. According to Ms. Wang, physicians are prescribing and dispensing drugs to their patients at their … Read More
“Malingering” driving up workers comp fraud in the U.S. Roger Morris, Chief Communications Officer at the National Insurance Crime Bureau (NICB) says employees who take advantage of the system are driving up workers compensation costs in the United States. Mr. Morris notes that “malingering” is a major contributor to fraud in workers comp. Malingering happens when an employee collects indemnity checks and drives up medical costs beyond the period … Read More
III’s Bob Hartwig on the new Congress, capital standards, “disruptive technology” and growth World Risk and Insurance News was on-site for the annual Joint Industry Forum, hosted by the Insurance Information Institute. Here, Dr. Bob Hartwig, President of the Insurance Information Institute, shares his thoughts on the new Congress, the debate over capital standards, technology, and more. III’s Hartwig sees Dodd-Frank, Obamacare and MetLife’s SIFI challenge as key Federal issues in 2015. Will … Read More
Economic Growth in US to lift premiums in workers comp, auto, personal lines in 2015 World Risk and Insurance News was on-site for the annual Joint Industry Forum, hosted by the Insurance Information Institute. Here, Dr. Bob Hartwig, President of the Insurance Information Institute, shares his thoughts on the new Congress, the debate over capital standards, technology, and more. Looking ahead to opportunities for growth in the insurance industry, Mr. Hartwig points out the expanding … Read More
