With CompMark, we found that the best solution to creating a true industry benchmarking system was to create a secure, collaborative database and get the industry involved. The more high quality contributors, the more accurate the data.
Bryan, TX (PRWEB) April 07, 2014
“Nearly 50% of American workers are covered by self-insured or deductible workers’ compensation programs, yet no quality benchmarking data source exists for TPAs and employers to see if claim costs are in line with their peers. The self-insured community has long been frustrated by the fact that this type of data is not available from rating agencies, state departments of insurance or any other organization,” shared Carl Reynolds of Safety National, a leading excess worker’s compensation provider nationwide.
So in 2013, a division of Safety National, Insurance Data Services (IDS), reached out to JBKnowledge, Inc. to develop the CompMark Claims Benchmarking system. IDS aggregates non-identifying claims data from contributing TPAs and allows those TPAs to view three key benchmarks from that data in the CompMark system: Average Cost of Claim, Number of Claims, and Total Incurred. It is a web-based portal, and users can narrow down their database searches to hone in on specific criteria and make comparisons to improve and compete on claims processing. All data is HIPAA compliant and stripped of identifying information. Organizations contributing information can assign client numbers to claims data so that they can compare CompMark benchmarks to internal data. As of February 2014, CompMark includes data from roughly 8 million claims.
“Why is this so significant? Because everyone is talking about Big Data, but most companies are still figuring out how to harness it. With CompMark, we found that the best solution to creating a true industry benchmarking system was to create a secure, collaborative database and get the industry involved. The more high quality contributors, the more accurate the data. With Safety National, we found a way to develop a highly relevant and useful system that still lets companies maintain their competitive advantage and data integrity,” stated JBKnowledge President and CEO, James Benham.
Both JBKnowledge, Inc. and Safety National will be exhibiting at this year’s Risk Management Society (RIMS) Annual Conference in Denver, Colorado. At booth #673, JBKnowledge will exhibit their custom development services, such as those employed by Safety National, and their web-based software for certificate of insurance, contract, and compliance management software, SmartCompliance.
Interested in learning more about the CompMark system? Read a full case study here: http://jbknowledge.com/case-study-compmark.
Interested in stopping by the JBKnowledge booth at RIMS? Find more information on the Exhibit Hall location here: http://smartcomplianceinc.com/rims.
About JB Knowledge Technologies, Inc
An information technology services and products provider, JBKnowledge specializes in enterprise applications and databases, electronic data interchange, strategy consulting, mobile solutions, and web development for the construction and insurance industries. Makers of the SmartBidNet, SmartCompliance and SmartReality cloud and mobile solutions, JBKnowledge is based in Bryan/College Station, TX, and serves construction clients on an international basis. Learn more at jbknowledge.com.
About Safety National
Safety National offers a range of alternative risk funding products for workers' compensation through independent insurance agents and brokers. Since 1942, they’ve been a leading provider of excess workers' compensation coverage to self-insured employers and self-insured groups nationwide. Today, with the addition of the Large Casualty Program, which includes Large Deductible Workers' Compensation and Commercial Auto and General Liability coverage, Safety National has evolved into a versatile alternative market provider. Learn more at https://www.safetynational.com/.