A powerful cross-industry claims benchmarking solution that provides access to an extensive claims data warehouse to help validate risk management programs uncover opportunities to improve operations, and facilitate enhanced claims outcomes.
Industry-Specific Data Comparisons to Measure & Optimize Your Claims Operations
Analyze Your Claims Operations Compared to Other Companies
Analyze the number of claims, the average cost per claim, total incurred and median cost per claim, etc. against the entire data warehouse, just your clients, or just your data.
Access a large, rapidly growing collection of workers’ compensation and general liability claims data that provides insight into how your claims performance stacks up against industry peers
Robust filters and search capabilities provide for more granular segmentation and thus greater accuracy to compare similar claims.
Validate and Identify Opportunities to Improve Your Claim Strategies
View differences between your claims and similar claims that can indicate areas of your risk management and loss control programs that may need to be improved to reduce claim frequency, age and cost.
Indemnity, Medical and Median Cost Reports can be used to identify opportunities for improvement if your costs are above, below, or in line with that of your peers.
Implement a methodology and framework to diagnose, improve, and monitor claims quality, efficiency and service.
Improve Your Cost and Efficiency of Risk Management Programs
Optimize the cost and operational effectiveness of the claims operation and maximize the use of company resources.
Set better reserves, get injured workers back to work faster and reduce claim costs.
Keep claim costs low by regularly reviewing claim performance as variables can change over time.
“Benchmarking is a key component in analyzing the performance of a client’s workers’ compensation program. TerraClaim Benchmark provides TPA’s and their clients with a quality, easy-to-use tool that provides many options to review performance results from multiple data selection variables. It is an important tool we utilize in our client stewardship reports.”
Executive Vice President & CIO
Identify and Capitalize on Improvement Opportunities in the Claims Function
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