What's wrong in workers' comp?
The Challenges You Face
You and everyone affiliated with the workers' compensation industry are facing extreme challenges in the form of increasing medical costs, rising litigation, and systemic inefficiency. These difficulties raise insurance premiums while increasing the complexity of administering claims and delivering benefits.
Put plainly, the system is broken for everyone—employees, employers, carriers, adjusters, and everyone in between. The problem is especially acute in California, where the average indemnity claim is $73,000.
To address these extreme challenges, the workers' compensation industry needs innovative solutions that streamline processes, enhance accuracy, and ensure fair outcomes for all parties involved in the claims process.
Quantifying the Situation
It's one thing to talk about the gravity of the situation—it's another to see the scope of the problem in real numbers. The following metrics shine a light on the challenges inside workers' comp.
$97b
Spent on workers' compensation claims each year by US employers.
35-40%
Nearly half of workers' compensation costs are unrelated to benefits.
193
Median number of annual permanent partial
disability claims
per 100K employees in US
$3,860,000
The average workers’ compensation settlement total per 100K employees in the US.
The figures above underscore the need for innovations that improve efficiency across the workers' compensation industry. Cadence Group's solution to expedite maximum medical impairment analysis is but the first of many workers comp technologies we are bringing to market.
