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With trends such as medical inflation and the aging workforce contributing to higher loss costs, organizations may struggle to profitably administer Workers’ Compensation insurance. While many organizations would aggressively implement loss control measures, such measures are difficult to create without solid data to inform strategy direction. As a result, data collection, analysis and reporting are becoming ever more critical in the workers' compensation insurance industry. The data collection and regulatory compliance process is challenging since so many parties “touch” the data - including policy issuance, claims handling and premium audits; third-parties (such as TPA’s, managing general agents and medical bill review companies). While installing data warehouses will help organizations to better analyze data and to improve reporting, rolling out an end-to-end management system is the best way to ensure that the data studied is accurate and current. Because of the demands of policyholders and claimants, and the requirements of reporting agencies, both speed and accuracy are critical components to any Workers’ Compensation management system. Many organizations that market and administer workers’ compensation insurance face the following challenges: - Difficulty tracking and understanding medical costs
- Difficulty storing data at a granular level, while maintaining accessibility for quick identification of potential problems or issues
- Ensuring data is entered and maintained consistently
- Supporting fast claim notifications
- Streamlining communication with injured workers and state regulators
- Retaining customers through quality service
OASIS Workers’ Compensation suite is a complete end-to-end insurance processing solution for insurance carriers, TPAs, RRGs and other professional organizations that market and administer workers’ compensation insurance. OASIS Workers’ Compensation will support your business through the entire lifecycle, from policy quoting through claim resolution. The business intelligence components will enable your organization to efficiently monitor the factors that drive the cost of risk.
OASIS Workers’ Compensation Policy stands above the competition because of how easy it is to use and maintain. The OASIS Workers’ Compensation’s policy administration software allows users to easily quote, issue, and manage policies. It calculates policy premiums instantly, with multi-state, multi-period capacity and user-friendly functions. OASIS Workers’ Compensation also offers a comprehensive claims system that handles critical workers’ compensation claims functions including lost time calculations, scheduled payments, vocational rehabilitation, litigation, and subrogation. OASIS Workers’ Compensation can be customized to meet the needs of your business.
The components that make up OASIS Workers’ Compensation are available as a seamlessly integrated solution or as stand-alone optional modules for: Claims Management, Policy Management, Risk Management, Reinsurance Management, Risk Analysis Management, Web Incident Reporting, Web Policyholder Services, Web Quote, and Web Application for Insurance.
- Entity & Exposure Management via Central Information System, an online “rolodex” to ensure data integrity (by reducing entry error and data duplication) while providing real-time access to data.
- Claims Management including: track, record, and calculate lost work time, including the ability to: track employee benefit type, out-of-work time period, wages earned and benefits paid; automatically calculate the average weekly indemnity rate based on specified jurisdictions; automatically calculate loss time for work or restricted days based on specified benefit type; and automatically calculate projected and as-of-today loss time for work or restricted days.
- Policy Management – Flexible underwriting and rating functions are controlled by customizable and easy to maintain tables. Users can load rate tables, create algorithms, and establish range limits for user-entered credits/debits – all without involving IT resources.
- Communication Triggers and Support – OASIS provides form letter templates for fast and efficient communication to injured workers, claimants, attorneys, etc. OASIS provides an online template generation tool for creation and maintenance of letters to be generated for single or multiple claims. The user can select any claims/client data field(s) necessary for insertion in the form template.
- Support
for Regulatory Reporting - More accurate and timely statutory
reporting with multi-state capability - current NCCI and
state specific classification codes for all 50 states are pre-loaded.
- Centralized
Data Storage – The OASIS Data Warehouse
provides a highly flexible reporting environment that offers
access to as much of the OASIS data as dictated by each customer's
reporting requirements. In addition, OASIS Data Warehouse’s
open architecture supports the integration of other application data, such as
employee data, medical data, or pre-existing legacy data. Legacy data is kept
separate from OASIS table data in the data warehouse, but combined in the report
mart.
Web Access for:
- Incident Reporting
- Quotes
- Applications
- Premium Audit Data Entry
- COIGeneration
Organizations that use OASIS Workers’ Compensation will enjoy the following benefits:
- Straightforward and efficient collection and storage of policy and claims data,
with improved data integrity
- Comprehensive reporting for simple translation of individual data points to
actionable insight
- Clear and documented communication between connected parties including agencies,
insurance companies, providers, customers, and regulatory agencies
- Enhanced levels of customer service with on-line accessibility for insureds
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