Artificial Intelligence will save your company money on Workers’ Compensation Insurance
HOLBROOK, N.Y. (PRWEB) July 19, 2023 -- “After two years of development, “Compwize” has been launched. This AI program is truly cutting edge algorithm/software technology that identifies statistical and human error found in the calculation of earned premiums for Workers’ Compensation Insurance Policies”, was announced by Edward J. Kelly, Jr., President of SMP CONSULTING GROUP.
Workers’ Compensation is a required and heavily regulated line of insurance which means specific guidelines are established and typically revised annually which makes it extremely difficult for employers and insurance brokers to keep up with the ever changing landscape. In fact, most premium overcharges are unintentional, but they exist due to the complications and difficulties inherent within the Workers’ Comp. system itself. Based on this complexity - unintentional mistakes are made, resulting in overcharged premiums for 86% of our clients! Thankfully, current regulation allows employers to go back up to 7 years to identify, correct and recover these overcharges.
“The lack of detailed knowledge on how premiums are determined and the mountain of statistical information that directly affects them, as well as deductions and options that are available, have really left most insureds in the dark about why they pay so much and what can be done to reduce the costs!” stated, Brian Kelly, Managing Partner at SMP.
Until now, only those employers with significant resources could hire experts to review and recover possible overpayments. CompWize is a solution. This proprietary algorithm/software program which analyzes literally thousands of data points involved in the calculation of each Workers’ Comp. policy. CompWize identifies errors/irregularities made in the underwriting/auditing of your policy and our team expedites your premium refund calculations.
“We now have a program which will enable us to expand our services to small businesses throughout the United States in a cost effective way using Compwize,” stated Gary Sandford, former NYCIRB Chief Auditor, now Vice President of Audit, at SMP.
SMP Consulting Group is a national auditor of Workers Compensation premium. SMP’s team of auditors share over three decades of experience and are only compensated upon success.
For further information:
SMP CONSULTING GROUP
COMPWIZE
BANK OF AMERICA BUILDING
4400 Veterans Memorial Hwy
Holbrook, New York 11741
631-647-9210 ext. 305
Brian Kelly, Managing Partner
http://www.smpconsultinggroup.com
Edward Kelly, Specialty Markets LLC, http://Specialty Markets LLC, 1 631-647-9219 Ext: 305, [email protected]
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