“Understanding the Business Insurance Ecosystem: A Case Study on PEO” White Paper Presented by RiskMD, LLC


The following white paper, presented by RiskMD LLC, is an analysis of the existing Business Insurance Ecosystem and the role of a Professional Employer Organization within it.  The following paper will identify, analyze and opine to the model known as coemployment.  Click the link below or the cover image to the right to download the white paper.

Download “Understanding the Business Insurance Ecosystem: A Case Study on PEO” the white paper by RiskMD LLC.

Is Ebola Compensable Under Workers’ Compensation?

The Ebola virus is the hottest news item of the month of October, and there is much to be ironed out on how to control the spread.  Since the first domiciled Americans to contract the disease are both health care workers, insurance industry analysis are starting to explore the potential aspects with regards to insurance coverages particularly, workers’ compensation.  The Claims Journal and the Insurance Information Institute weigh in with the linked articles below.

Ebola VirusIs Ebola Compensable Under Workers’ Compensation?

Facts and Perspectives on the Ebola Pandemic

Justworks Raises $6 Million to Help Businesses Handle Employee Benefits

Handling employee benefits is a headache for companies, especially small ones, and Justworks Inc. has raised $6 million to make it easier.

The startup has software that packages corporate benefits by aggregating multiple companies into a single entity, negotiating lower rates and eliminating the need for each company to deal separately with numerous corporate and government agencies.

The Series A round was led by Thrive Capital and includes Index Ventures, which provided a $1 million seed round for Justworks last year.

Justworks founder and Chief Executive Isaac Oates said the idea for Justworks developed over several years—at Amazon.com Inc. where he worked on transaction processing systems; at Adtuitive, a startup he founded where he discovered how hard it was to set up payroll; at Etsy Inc., which bought Adtuitive and where he built Etsy’s payments platform while also running human resources; and in the U.S. Army, where he experienced government bureaucracy and the need to avoid potential fraud.

“Part of what’s so painful about benefits is that the requirements put upon a small business are not that different from what a large business has to do, except that a large business can afford to hire people to manage it,” Mr. Oates said.

Based in New York, Justworks launched its service about a year ago and now has more than 2,000 companies on its platform, which is available in 43 states. The new money will be invested in the product and also in marketing and sales. Mr. Oates said the company has done no marketing.

Click here to read the full article on Wall Street Journal

Oregon Releases National Study on Workers’ Compensation Rates

The State of Oregon has released its 2014 study of Workers Compensation rate comparisons by state.  This study will point you to the State of Oregon’s website which will provide you with a map analysis of this study.

Top 5 Most Expensive?  California, Connecticut, New Jersey, New York and Alaska
Top 5 Lease Expensive? – South Dakota, Indiana, Arkansas, Virgina and Massachusetts.

Click here to read more…

CWCI Examines Potential Impact of Drug Formulary in California Work Comp

California is yet another of several states reviewing how changes in the  workers compensation prescription drug formularies can impact the state’s workers compensation costs.  Prescription drugs have been the fastest growing component of workers compensation medical claims costs for the last several years.  The attached article is a study that maps the state-required drug formularies of states like Texas, Washington and Ohio to California’s workers’ compensation activity.

Click here to read more…

Physician Dispensing for Work Comp Grows in Pennsylvania: WCRI

Physician repackaging of prescription drugs is becoming a serious increased expense in the workers’ compensation system.  “According to the study, physician-dispensed prescriptions accounted for 29 percent of all prescriptions and 48 percent of prescription payments in 2012 evaluated as of 2013—an increase from 17 percent of prescriptions and 17 percent of prescription costs four years earlier.”

Click here to read more…

The Challenges of Implementing Advanced Analytics

All industries especially insurance are realizing a dramatic shift in the adoption of technology, and many companies are making the switch to being data driven organizations.  Advanced analytics and predictive models are two areas that the insurance industry is making great strides in moving technology forward.  If done correctly the financial and operational gains can be astronomical if companies focus on making data driven decisions instead of relying on traditional methodologies.

However, companies need to be aware of the numerous challenges they will encounter when experiencing the development, adoption and implementation of advanced analytics and predictive models.

Click below to see a list of challenges to be mindful of when making an organizational shift to embrace technology.

The Challenges of Implementing Advanced Analytics | PropertyCasualty360.

Hopeful Outlook for Workers’ Comp

Just like that we are in the last quarter of 2014, which means there is valuable data that has been compiled to tell us how the workers’ comp market is performing.  As a result, the National Council of Compensation Insurance (NCCI) is fairly optimistic about the growth and performance of the workers’ comp market in America.

Even with the uncertainties that are around the corner such as: rising health care costs, terrorism risk insurance renewal (TRIA), ACA, and pending state judicial decisions, the NCCI still predicts a profit in the comp market especially if industry cost remain contained.

A few key performance indicators that demonstrate the positivity and growth of the workers’ comp market are: lower combined ratios for the workers’ comp calendar, loss-time frequency declines, and premium growth for the third consecutive year.

To read the full article and to view other positive indicators for the workers’ comp market click the link below.

Hopeful Outlook for Workers’ Comp.