7 key performance indicators to improve workers' comp outcomes

Workers’ comp is the one property and casualty coverage where a business can exert the most control to reduce claims and cost.

Businesses today are putting more emphasis on improving risk management than ever before. This is due in large part to increased regulation, emerging exposures such as cyber liability and supply chain interruption, as well as the associated escalation in financial consequences. According to a 2014 Price Waterhouse Coopers (PwC) global survey of approximately 2,000 business executives and risk managers worldwide, 75 percent are investing resources to create a more risk-aware company culture, with one in four identifying fragmented risk data as the largest capacity gap.

Over the next 18 months, 82 percent of the respondents plan to develop an in-depth process to continually identify and monitor risk, a trend corroborated by the Risk Management Society’s Excellence in Risk Management XI survey. Though 90 percent of C-suite respondents said risk management impacts business strategy, only 25 percent feel their companies use risk management to its fullest ability. Key areas in which the use of data and analytics can be improved, include risk identification, quantification and mitigation.