In late 2021, Healthesystems and Risk & Insurance® magazine collaborated once more to conduct the fourth annual Workers’ Comp Industry Insights Survey. Over 480 workers’ comp stakeholders shared their perspectives for the industry moving into 2022 and beyond, and the initial results are in.
When it comes to protecting the future resiliency of the workers’ compensation industry, the top eight priorities identified by workers’ comp stakeholders for their organizations were:
- Employee Retention, Recruitment, and Development – Not only did COVID-19 lead to many resignations and job changes, but millions of Americans retired early
- Operational Efficiency – Stakeholders continue to seek new ways to run their operations as smoothly and efficiently as possible, leveraging technology to improve communication and further automate claims management
- New Business Development – To some extent the pandemic may have shifted priorities – but 1 in 3 respondents still ranked this as their number one focus
- Improved Customer Experience – Depending on the respondent, this can mean improving the experience for a number of industry stakeholders – including employers, insurance carriers, care providers and injured workers
- Cost Containment – While this is always a top priority, the specific cost drivers and areas of opportunity continue to shift
- Workplace Safety – The pandemic underscored the need to protect workers from infectious diseases, and this includes keeping up with rapidly changing safety guidelines
- Digital Transformation – Many found technology in comp to be outdated, while others yearn for improved analytics, automation, and more
- Remote Workforce Management – With COVID-19 increasing the work from home population, it has become important to find ways to best optimize remote work
Tags: Risk & Insurance, survey
