Survey Finds Cost Containment Driving Factor for Adopting Advanced Technologies

Mitchell, a supplier of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, has announced the results of a survey of about 100 workers´ compensation professionals in the US, the company said.

The survey showed which technologies they believe will have the greatest impact on the industry in the future, and which operational areas will improve the most with the use of those technologies.

Half of the responding workers´ compensation professionals believe that cost containment is the driving factor for adopting advanced technologies such as artificial intelligence (AI), predictive analytics, telemedicine, wearables, mobile technology and chatbots. Many respondents believe that telemedicine will have the biggest impact on the industry within the next five years (32%), followed closely by artificial intelligence (30%) and predictive analytics (20%).

Cost containment was also the main reason reported for adopting advanced technologies in a similar survey conducted by Mitchell in 2017; however, in that survey, respondents foresaw telemedicine as more significant, with 45% naming it as having the largest impact, followed by artificial intelligence at 19%.

Almost all of the 2020 respondents said they have either already adopted (20%) or are at least somewhat likely to adopt (74%) these new advanced technologies within their organization within the next five years. Of the 20% of respondents currently using these technologies, the majority are using predictive analytics, followed by telemedicine and mobile.

Additionally, 33% of respondents said they are currently using claims analytics to make business improvements, and 36% said they are either currently implementing or planning to implement claims analytics in the next five years. Participants also reported that, out of a list of common challenges, the most pressing issues their organizations face today are workflow efficiency (28%), followed by cost containment (19%) and the changing workforce/employee turnover (15%).

Mitchell surveyed nearly 100 workers´ compensation professionals at a range of companies, including insurance carriers, third-party administrators, public entities, brokers, and managed care and risk management companies.

Headquartered in San Diego, California, Mitchell International, Inc. delivers smart technology solutions that simplify and accelerate claims handling and repair processes, driving more accurate, consistent and cost-effective resolutions. For more information, visit www.mitchell.com.