The Benefits of Benchmarking

Key Features

Project Athena utilizes the latest machine learning technology to produce this industry-wide predictive model, the first of its kind to use actual STD claims data as inputs. This will provide a more accurate reflection of the lifecycle of a claim.

Participating companies will be able to benchmark their duration estimates against the industry wide estimate, using both an insurer specific model as well as the industry model.

Information will be provided via an interactive portal, by the exchange of data files, or as an electronic feed directly into your claim management system.

This will provide a more sophisticated duration guideline with better predictions of claim durations to manage claimant expectations of return to work.

Benefits

  1. Better understand your operation’s performance
    1. See where you rank across the industry averages, understand exactly where you are exceeding and where there is opportunity for improvement
    2. Understanding differences due to product features, market profile as well as operational performance.
  2. More accurate prediction of claim durations
    1. The benchmarking index will be built using disability claim data – the first of its kind specifically for our industry
    2. The termination estimates will include all influencing issues on a claim, not just medical
  3. Identify claims that are likely to transition from STD → LTD
    1. These claims can be treated like LTD claims from the start
    2. Previous less accurate predictors highlighted too many claims making this process impractical
    3. Identifying and intervening sooner makes a higher likelihood of RTW
  4. Identification of low risk claims
    1. Accurate estimations of durations enable an auto-pay-&-close process to be implemented, or as close as possible depending on your technology.
    2. Enabling greater automation of STD claims is vitally important, and a step closer to automating the process!

Commercial Terms

All participating companies will pay an enrollment fee, then a further payment on completion of the model, followed by a monthly subscription for the use of the model.

Full details are available from The Claim Lab on request at info@claimlab.org.

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