Best's Review Recognizes Accident Fund Holdings for Successful Innovation
LANSING, Mich., Jan. 3, 2013 /PRNewswire/ -- Accident Fund Holdings has been recognized in the "Innovation Showcase," published in the January 2013 edition of Best's Review magazine for its integration of scientifically validated data analytics, within workers' compensation claims handling software that created an early warning system and safety net for injured workers reliant upon opioids for the treatment of chronic pain.
"The growing public concern, the burden of this drug on insurers, and the health risks to the injured worker are a real and a major concern," Jeffrey Austin White, Accident Fund Holdings, Inc. director of Medical Management Practice and Strategy, said. "The extent of the issue was not fully realized until we linked our pharmacy data to our claims data. Realizing the problem was half the battle; developing the technology to detect injured workers at risk was the critical next step; successfully intervening on every claim that involves narcotics abuse remains an elusive final goal."
Innovation Showcase is a forum for recognizing forward thinking among insurance organizations. A panel of insurance industry experts assessed the relative merits of the submissions.
"Many carriers are applying business analytics in increasingly different and effective ways across the enterprise," Stephen Applebaum, senior analyst, Property & Casualty Insurance for Aite Group, said. "But the idea of using predictive analytics informed by medical subject matter experts with workers' compensation claims management software in order to identify — and then pro-actively facilitate early intervention when appropriate — cases where injured workers might be reliant on opioids for the treatment of chronic pain strikes me as particularly innovative because it leverages technology and multi-disciplinary expertise to the benefit of the carrier, the injured workers and all policyholders. The active consultation of leading academics and medical experts adds a distinctive dimension of innovation not frequently enough found in our industry."
Accident Fund Holdings is honored to receive this recognition from A.M. Best.
"It is truly an honor to have our Care Analytics program featured in Best's Review's Innovation Showcase," Liz Haar, president and CEO of Accident Fund Holdings, Inc., said. "To be one of just 10 innovations across the insurance industry during the past year to be recognized in this publication further proves how important the work is that we are doing in this area."
To read more about this innovation, visit http://www3.ambest.com/bestweek/getpublication.asp?issueid=9c3baaf9&pageid=15 beginning Jan. 2, 2013. The January digital edition will be available to everyone.
Best's Review is published by the A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. Founded in 1899, A.M. Best Co. is the world's oldest and most authoritative insurance rating and information source.
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.afhi.com.
SOURCE Accident Fund Holdings, Inc.