Minneapolis, MN (PRWEB) March 02, 2016
RGA Reinsurance Company, a subsidiary of Reinsurance Group of America, Incorporated (RGA) is pleased to present the results of the 2015 RGA Group Disability Claims Management Benchmarks survey. This comprehensive biennial survey, conducted since 1999, benchmarks critical operating and business parameters for disability claims management in the U.S. and Canada.
Seventeen U.S. and 13 Canadian carriers took part in the survey, which assessed 20 key items, including staffing, referrals, return-to-work outcomes, and disability durations. Three of the items – dedicated quality assurance (QA) function, permanent and total disability claim durations, and claim frequency/duration for chronic fatigue syndrome – were added this year.
“This record of comparative measures, now in its 16th year, provides an essential snapshot of historical trends and current practices as well as significant insurer and market comparisons,” said Kari Briscoe, Senior Disability Claim Consultant, RGA. “This information is significant for group long term disability (LTD) insurers, as they formulate future business and operations plans.”
Key findings of the survey include:
- Active long-term disability adjudicator caseload sizes have decreased since 2007 in the U.S. and Canada.
- Referrals and reassignment of disability claims from adjudicators to medical consultants, such as nurses and physicians, have increased.
- Involvement in both countries of vocational rehabilitation services professionals in coordinating claimant care and return-to-work efforts is increasing.
- QA is gaining momentum with disability carriers, ensuring greater claim decision consistency.
- The three longest STD claim duration conditions differed for U.S. and Canada insurers:
o U.S.: chronic fatigue syndrome (CFS), malignant neoplasms, musculoskeletal conditions.
o Canada: mental illness, malignant neoplasms, CFS.
- Chronic fatigue syndrome is increasingly prevalent.
“This survey is yet another way that we can leverage our experience and expertise to benefit our clients,” said Jim Rathburn, Senior Vice President, Group Life and Disability Reinsurance, RGA. “Our seasoned team is dedicated to providing our clients with the service, tools, and information to help them succeed.”
A summary of the report is available here.(http://www.rgare.com/productsandservices/groupreinsurance/Documents/2015%20Disability%20Claims%20Management.pdf) Participating companies received the full report.
Reinsurance Group of America, Incorporated, a FORTUNE 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.0 trillion of life reinsurance in force and assets of $50.4 billion as of December 31 2015. Founded in 1973, today RGA is widely recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri and operations in 26 countries, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at http://www.rgare.com.