Liberty Mutual Group, a Boston-based diversified insurer, has introduced its next generation predictive model to overcome a top challenge facing workers compensation brokers, agents and buyers .
Liberty said the new model is designed to help its claims professionals identify claims that are potentially going to cost a lot and then bring the right resources to each one of these claims at the right time.
The predictive model can be used to look at claims monthly and pick up changes in each claim’s profile that can negatively impact that claim’s development, such as emerging medical and non-medical factors.
The insurer says it ran more than 200,000 lost-time claims through the model to prove its accuracy afterassessing 825,000 lost-time claims and 140 million medical billing transactions.
Liberty Mutual’s Commercial Markets strategic business unit general manager for claims George Neale said its next generation predictive model works with significantly more data, enables more sophisticated multivariate analysis, incorporates Red and Yellow flags and supports better decision making.
"The next generation predictive model is the latest addition to Liberty Mutual’s VantageComp, our integrated approach to claims management," Neale said.