ForensIQ Scout enables you to:
newly reported claims for their relative fraud risk, and
fraud risk and gain valuable insights that help you to
with fraud deterrent best practices, more focused workplace injury claims investigations and appropriate allocation of resources.
At ForensIQ Risk Intelligence we have developed a proprietary predictive analytics algorithm; designed to be used by employers to identify workers’ compensation claims with increased fraud risk potential. ForensIQ Scout enables you to apply a systematic approach to the screening of known fraud risks, enabling you to activate fraud deterrent strategies and allocate appropriate resources to your claims management efforts. The application analyzes claims for Opportunity, Rationalization and Pressure related risk factors generating a Total Fraud Risk Score for each claim. Understanding the fraud risk associated with newly reported claims will enable you to conduct more focussed claims investigations leading to reduced claims durations and costs.
Not convinced? Over the last decade, there has been explosive growth in the number of US workers’ compensation carriers that use predictive analytics to identify claims with elevated fraud risk potential. In 2009 only 18% of carriers reported they were using predictive analytics. By 2018 that number had increased over four times. Why? because predictive analytics work. It has been reported that the use of predictive analytics has resulted in claims cost reductions between 5 and 15%. By reducing claims costs, carriers in competitive workers’ compensation markets are able to lower premiums to compete for employer business.
In Canada, workers’ compensation insurance coverage is delivered through provincial and territorial monopolies operating as statutory corporations. These monopolies do not compete for your business but they do offer the opportunity you to lower your premiums through various forms of experience rating. In general, experience rating programs compare claims cost histories between employers within an industry, applying discounts to those with lower than average (or expected) claims costs and surcharges to those on the other end of the scale. If your business is subject to your workers’ compensation provider’s experience rating process, using ForensIQ Scout gives you a distinct competitive advantage when it comes to ending up on the right side of the experience rating process.
Access to ForensIQ Scout is available 24 hours a day, seven days a week. Just choose the membership that’s right for your business – a FREE Pay-Per-Use Membership, or a paid Membership option that offers discounts on services and exclusive content. Then complete the questionnaire and ForensIQ Scout will analyze the data. A report of the findings will be e-mailed to you within minutes.
Choose the ForensIQ Membership Plan that meets your strategic claims risk management needs based on the number of Workers’ Compensation claims your organization files per year.Premium and Enterprise members receive a number of discounts and services at no additional cost.
Membership paid by Monthly Instalments: Members are given several options to pay their annual membership fees, the amount due is an annual fee, and should not be treated as a monthly subscription. For members who pay their annual membership fee in monthly instalments, the entire remaining balance is due, in full, immediately upon cancellation of their membership.