KANSAS CITY, Mo., Jan. 3, 2017 /PRNewswire/ -- New research from Lockton Companies reveals strong interaction between workers' compensation costs and claimant's fears. Analysis of unstructured data from Lockton's proprietary Infolock® P&C database, with over $16 billion in workers' compensation claims and 65 million transactions, uncovered that claimant's fears correspond with increasing costs.
"What we found was an incredibly strong correlation between the claimant's feelings of fear and the escalation in workers' compensation costs," said Mark Moitoso, Analytics Practice Leader, "And while not all claimant fears can be completely eliminated, we believe through enhanced communication and empathy workers' compensation costs can be significantly reduced."
The research also found that there is a strong relationship between a claimant's fear and uncertainty and the prevalence of attorney representation.
For more details on this research, click here.
More than 6,000 professionals at Lockton provide 50,000 clients around the world with risk management, insurance, employee benefits consulting, and retirement services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 9th largest overall. For eight consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.
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