With workers’ compensation insurance, employees getting injured in their workplace premises can benefit from wage replacement as well as medical benefits. It also covers death and funeral benefits for deceased employees. For workers’ compensation claims, medical records serve as critical evidence. Error-free medical review solutions provided by professional firms can be of great support for attorneys handling such cases. While filing these claims, workers face key challenges such as failing to file the claim on time, getting lower pay while filing or claims getting denied.
According to the report published by QY Research, the global workers’ compensation insurance market is predicted to attain high growth during the forecast period 2019-2025.The key market players mentioned in this report are – AIG, Berkshire Hathaway, Liberty Mutual, Zurich Insurance, Travelers, Allianz, Tokio Marine, XL Group, ACE & Chubb, QBE and Beazley.
This report divides the global workers’ compensation insurance market on the basis of type, application and geography. By type, the market is classified into – Medical Benefits, Cash Benefits and Investment Income. Based on end users/ application, this market is divided into – Agency, Bancassurance, Digital & Direct Channels. Region/Country wise, this report covers – United States, Europe, China, Japan, Southeast Asia, India, Central & South America.
Till now, this global market in the U.S. has undertaken certain strategies such as partnerships, collaborations, and increase in business investments. For any merger & acquisition deal, the acquiring company will be responsible for all workers’ compensation liabilities, and mismanaged claims could lead to higher penalty premiums.
Workers’ Compensation Payment Trends Fall
When it comes to California Workers’ Compensation, Insurance Journal recently reported that the Payment Trends fell for California in 2018. The California Workers’ Compensation Aggregate Medical Payment Trends provided key findings such as sharp decline in medical payments for pharmaceuticals and to pharmaceutical providers, physical therapy treatments experienced the largest increase in the share of medical payments owing to increase in both service utilization and payment per service and cost decline for opioid prescriptions and costs which is mainly driven by fewer claims. However, a market intelligence analysis from S&P Global Inc shows that though the workers’ compensation insurers’ year-over-year premiums have declined so far in 2019, the industry is strong enough.
Workers’ compensation attorneys, medical record retrieval companies that assist them, insurers, and employers need to stay updated with new developments and trends in the workers’ compensation industry.