A look at how the COVID-19 pandemic may impact workers’ compensation claims administration.
There is no shortage of questions when it comes to the effects of the COVID-19 pandemic on workers’ compensation claims, for instance:
- How will workers’ comp regulations evolve on a state-by-state basis as researchers and medical professionals continue to learn more about the virus’s behavior and options for treatment?
- What will the economic downtown mean for the volume of COVID-19-related workers’ comp claims?
- How will courts rule when it comes to claims compensability?
- How can businesses and other organizations that administer claims reduce potential claims losses, especially as states begin to reopen?
The impact of the COVID-19 pandemic on workers’ compensation claims administration will, of course, be determined by the answers to these questions and others like them. As states and businesses begin to open up, what is clear is that we’re only at the beginning of what will be a lengthy process of ongoing developments that will require insurers and organizations that administer claims to be prepared to adapt.
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At the annual Origami Risk User Conference, attendees are able to participate in client-led sessions covering a wide range of topics including GRC, underwriting, safety, audits, and claims administration, to name just a few. During these sessions, presenters demonstrate and answer questions about how they are using the Origami platform to address “real-world” challenges.
To make these peer-to-peer learning opportunities more widely available throughout the year, Origami Risk recently held the first of what will be an ongoing series of client forum webinars—client-only events in which a select group of client presenters share how they are using the system. Given the ongoing challenges that organizations are facing as they deal with the COVID-19 pandemic, the topic of the first client forum webinar was titled “Using Your Existing Technology to be Agile in a Rapid Shock Environment.” … read more
The economy is reopening whether organizations are prepared or not. What does restarting business operations look like in a world reeling from a pandemic outbreak and the problems that come with it?
A staggering 40% of businesses fail to reopen following a disaster and another 25% fail within one year following a disaster, according to a report published by Federal Emergency Management Agency (FEMA). Even organizations that survive disasters can remain fragile, experiencing disruption for years to come. While FEMA’s statistics were built upon “normal” disruptions—hurricanes, tornadoes, floods—we can see how impactful contained disasters are to businesses, leaving the world to wonder what impact the coronavirus outbreak will have on the global economy.
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As states across the country begin to ease into reopening amid COVID-19, the challenges of governmental risk pool members continue to surmount—fiscal health is threatened from growing economic uncertainty, entity budgets are being decimated as a result, and more is being asked of organizations with fewer resources at hand.
All of which is only the tip of the iceberg when considering the adverse effects just these few challenges are already having on necessary, government-funded public services like trash collection, fire and police protection, and more.
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