9th January 2020
This article was first published by Business Wire
ST. LOUIS–(BUSINESS WIRE)–Midwest Employers Casualty (MEC), a Berkley Company, announced an update to its proprietary XCEL Analytics platform and models that help identify and analyze emerging large-loss claims. With this version, a revised severity ranking and new alerts provide additional visibility and depth to claim detail reports. Artificial intelligence (AI) has been incorporated to integrate more data into the process for even better predictions.
“As the first excess workers’ compensation insurance provider to launch a predictive analytics platform, we’ve seen its impact. By actively monitoring open claims to identify emerging large losses, we are realizing many opportunities to generate positive outcomes for the injured worker while minimizing claim costs,” said MEC President Tim Galvin. “With the latest updates to XCEL Analytics, we have enhanced our capabilities for the early identification of large-loss claims. The more our clients know, and the earlier they know it, the better they can manage each claim to the best possible outcome.”
The updated MEC XCEL Analytics platform integrates AI technology into its claim severity ranking, which provides a targeted view of claims likely to escalate into large losses. Nearly a dozen new alerts will also be available for customers to view in their personalized dashboard. Alerts offer suggested interventions based on issues identified in the claim treatment pattern, using the supplied data, shortening the time it takes to intervene.
“We’re using MEC’s XCEL Analytics regularly to find problematic claims sooner, which is helping the injured worker get better care faster,” said Glenn Backus, president of Alternative Service Concepts, an MEC TPA partner. “It’s a win-win. With XCEL Analytics, injured workers are achieving better outcomes and our clients are saving money within their retention.”
Along with its technology, MEC provides clients access to its claim, medical and legal experts in order to achieve the best possible claim outcomes within the client’s retention. There is no additional charge to clients for access to the XCEL Analytics tool or to consult with the company’s claim experts.
XCEL Analytics reports are available online for all open claims, from TPAs with established data feeds, and can be easily integrated into an existing claim review process. Since XCEL Analytics is focused exclusively on monitoring and identifying emerging large-loss claims, it can also be used in conjunction with other analytics programs that TPAs and clients have in place.
“With proven results, XCEL Analytics is a valuable addition to any workers’ compensation program,” added Galvin.
For more information on XCEL Analytics, visit https://www.mecasualty.com/claims-admin/xcel-analytics.
About Midwest Employers Casualty (MEC)
MEC is a member company of Berkley, whose insurance company members are rated A+ (Superior) by A.M. Best Company.
Products and services are provided by W. R. Berkley Corporation’s subsidiaries and “operating units”. Operating units are not typically legal entities, but for marketing purposes may sometimes be referred to individually as “a Berkley company” or collectively as “Berkley companies”. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued.
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