LANSING, Mich., Oct. 10, 2013 /PRNewswire/ -- Accident Fund Holdings, Inc. recently received the 2013 Technology Innovation Award from the Insurance Accounting and Systems Association (IASA) and Ward Group. The award recognizes the successful implementation of an initiative where technology played a major part and "made a significant difference" to the business environment in terms of strategic direction, improved operational efficiency, increased revenue and/or other business initiatives.
"Accident Fund not only made meaningful cost savings with innovative ideas and technology, but they were also able to make a social contribution in the fight against drug abuse," Jeffrey Rieder, partner for Ward Group, said.
Accident Fund Holdings received the award for its development of Care Analytics™ - Early Detection, a software application that monitors incoming medical bills and alerts medical staff to abnormal or aberrant medical treatment or prescribing patterns. This software solution helps protect injured workers from becoming addicted to prescription narcotics and improves the adjuster's ability to manage workers' compensation claims.
"Winning the innovation award alongside some of the largest carriers in the country was a great experience," Craig Bilinski, manager, Accident Fund Holdings Medical Center of Excellence, said. "What makes Care Analytics™ – Early Detection innovative and novel is the integration of data analytics within claims handling software to provide an early warning system that provides a safety net for injured workers based upon medical research."
The finalists' submissions were judged by an industry panel to determine those that are the most innovative and which best demonstrated "delivering measureable business impact in the insurance industry." The panel of industry experts who participated in the judging of the award submissions included individuals from Catholic Mutual Group, Insurance Networking News, Insurance & Technology, QBE North America, the Nolan Company, Tech Decisions, and Ward Group.
"Accident Fund Holdings has now received three national technology innovation awards for Care Analytics™ in the last 12 months," Jeffrey Austin White, director of Medical Management Practices and Strategy for Accident Fund Holdings, said. "This is an extraordinary accomplishment and is independent validation from our peers that we are an innovative company, leading the industry research on the care for injured workers."
This year, IASA and the Ward Group introduced a new format for the Technology Innovation Award selection featuring a new peer judging component and increased industry recognition. The three finalists for this award presented project details to an audience of their peers at the IASA Executive EDGE Conference on September 29 and 30, in Hartford, Connecticut, during which EDGE Conference attendees voted to select the winner of the award.
For more information about Accident Fund Holdings Inc., visit www.accidentfundholdings.com.
Accident Fund Holdings, Inc.
Accident Fund Holdings, Inc. is a workers' compensation insurance holding company conducting business through four operating units: Accident Fund Companies, located in Lansing, Michigan; United Heartland, located in New Berlin, Wisconsin; CompWest, located in San Francisco, California; and Third Coast Underwriters, located in Chicago, Illinois. Its insurance company subsidiaries are rated "A-" (Excellent) by A.M. Best. Accident Fund Holdings is a wholly-owned subsidiary of Blue Cross Blue Shield of Michigan. For more information, visit Accident Fund Holdings' website at www.accidentfundholdings.com.
SOURCE Accident Fund Holdings, Inc.