TravComp Tour Flashcards
TravComp Tour
Written 6-26-19 / Updated: 8-21-19
Category: Claim Services
When to Use:
Topic Intro / Why
As an industry, we are seeing carriers pull out of certain markets and we are seeing consolidations. A lot of those carrier concerns have to do with the fact that workers’ compensation and medical costs are difficult to manage.
How
We have chosen to leverage and extend our competitive advantage to our customers by continuing to invest in capabilities to help them avoid injuries, reduce medical costs, and improve the recovery process for their injured employees. Delivering competitive advantages for our customers is the foundation of everything we do. We are continually looking for innovations in the workers’ compensation space so that we can continue to deliver this competitive advantage to our customers.
What’s In It For Me
Travelers has an enormous amount of data and we have analysts who have been looking at the data and finding trends and determining how we use this to build better resources and solutions and tools so that we can manage the risk more effectively for our customers. We are essentially managing the emerging risks and turning these into challenges and into business opportunities to improve the injured employee experience and provide our customers with a competitive advantage. Here you see some of our “countrywide” key performance indicators for workers compensation? We are seeing that 21% of our files are closed without payment. We have a 55% better than industry spend on the pharmacy piece of our medical compared to the industry (we are 6%, industry is 11%). We continue to save 65 cents on every medical $ billed and our subrogation recovery exceeds the industry benchmark by approximately 18%. Our average network penetration is 82%.
The Ask
If you’d really like to hear more about all of the innovations and everything we embed into every workers’ compensation policy, I’d love for you to come to our claim office for a tour. We also have an electronic tour link I can send to you as an option. (Note for AEs: Tours are only scheduled as requested for a customer and/or agent and typically we would not allow another agent to join an already scheduled tour).
