Predictive analytics enables workers' comp insurers to predict future outcomes with unprecedented accuracy. Insurers and TPAs in all lines, however, can apply predictive analytics to mitigate risk more effectively.
The term "predictive analytics" is relatively new, but the concept behind it is as old as insurance itself: using data that describe past results to predict future outcomes. Historically, only the largest insurers have had the resources to apply advanced predictive models to their actuarial, underwriting and claims processes. Today, however, insurers of all sizes are using highly accurate, high-return predictive analytics applications to foster profitable growth, lower loss ratios and reduce expenses.
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