April 2, 2024
Don’t Overlook These Small Business Risks
Half of small businesses have had at least one workplace injury in the last five years, says a recent survey on small business safety from Pie Insurance. The survey consisted of over 1,000 small business owners (of companies with 1-500 employees), and nearly one-third of these owners said that they wished they had known to put a higher...
April 1, 2024
Most Common Questions of Workers’ Comp Claimants Show Where Change Is Needed
The most frequently asked questions in workers’ compensation claims reveal opportunities for improved communication and efficiency in the claims process, according to an analysis by Hi Marley, a communication platform for insurers. Using the findings can help insurance carriers and employers to streamline operations, support faster recovery for injured workers, manage expectations and provide peace of mind, Hi Marley stated. The study categorized inbound questions from workers’ compensation claimants within the Hi Marley platform. The most common inquiries related to payment status and amount (26%), contact with the adjuster (24%), and provider scheduling and approval activities (22%). Other inquiries from claimants focused on process explanation (14%), benefits (9%), and documentation (5%). These findings suggest that many of the most common questions could be addressed through proactive outreach, automation, and standardization of communications. For instance, carriers can use predefined message templates for scheduling reminders, which can support faster recovery and reduce claim cycle time and costs. Automated updates on the claim process and payment status can help manage expectations and provide peace of mind for injured workers. “With most people dealing with an accident on the job, it’s their first...
March 26, 2024
Is 2024 a Major Turning Point for Risk?
Is the current year a major turning point for risk? If trends such as important elections, economic uncertainty, and an uptick in violent conflicts are to be believed, then we may be at the cusp of unprecedented instability. In its 2024 geopolitical risk report titled “2024: a turning point?”, global insurer Howden outlines a complex and volatile risk...
March 21, 2024
Regulator Urged to Promote New Code for Cyber Governance
A recent survey conducted by Airmic revealed that a substantial majority (89%) believe that entities like the Financial Reporting Council (FRC) should champion the adoption of a newly proposed voluntary cyber governance code. The insight came from Airmic’s contribution to a consultation initiated by the Department for Science, Innovation and Technology (DSIT) on its draft...
March 19, 2024
5 Ways to Make Sure Your Wellness Benefits Are Hitting the Mark
Employers build benefits packages with the best of intentions, but too many options or the wrong ones altogether can frustrate employees and drain company resources. Nearly half of employees said they are confused by parts of their benefits plans in a recent survey by MetLife, while other studies place the number as high as 85%. An overwhelming amount of...
March 14, 2024
How Insurers and Insureds Can Reduce Fire Risks in 2024
Global Risk Consultants released its 2024 trends for fire risk management, offering new guidance for insurers and insureds, including why proper evaluations and safety engineering reports are critical. U.S. industrial and manufacturing facilities are most at risk, suffering $1.2 billion in damages annually, according to the National Fire Protection Association (NFPA). However, cost is not the...
March 13, 2024
A Fight for Capital and Capacity – Emerging Risks in the Construction Sector
The construction industry is facing a unique set of challenges in today’s market, leading firms to seek innovative solutions to manage risk effectively. James MacNeal, global industry specialty leader, construction and infrastructure at Aon, highlighted the evolving landscape of risk transfer in the construction sector, emphasising the significance of alternative strategies like parametric insurance and captives...
March 8, 2024
Predictive Modeling: The Future of Workplace Safety Management
In today’s dynamic corporate landscape, workplace safety remains paramount for organizations across industries. While traditional approaches relying on lagging and leading indicators, safety incidents and accident information have long been the cornerstone of safety programs, there’s a growing recognition of their limitations in anticipating and preventing accidents. Enter predictive modeling and machine learning, which offer...
March 7, 2024
Cybersecurity Tips for Tax Season
Tax season cybercrime is becoming more common, with an increase in tax fraud issues from February to April — prime tax season. Business email compromise and phishing attempts are widespread during these months. Small businesses send and receive a significant amount of financial and confidential information to their accountants or tax preparers. This type of...
March 4, 2024
Redefining Safety for Workers’ Comp Excellence
In the dynamic landscape of modern industries, one constant remains: the imperative to foster a safe work environment for every employee. This isn’t merely an ethical mandate; it’s a strategic business decision with profound financial implications. A commitment to cultivating a robust safety culture not only minimizes the risk of workplace injuries, it also significantly curtails...