Keeping Compensation Claims Down

Keeping Compensation Claims Down

Thanks to the Covid-19 pandemic, we live in an era where workplace safety and health are given utmost importance. Companies, across the nation, have several different policies in place to protect and keep employees safe and healthy.

However, workplace injuries happen all the time. There are chances of your employees falling sick, meeting with an accident, or succumbing to injuries while on the job.

Thus, along with taking care of the well-being of employees, a related factor that plays an equally important role, if not more, is to administer employees’ insurance claims on time in the aftermath of an injury, disability, or fatality. This could have a direct impact on the employee’s health and experience.

However, in most cases, the first reporting process is in itself stressful, especially if employees are not familiar with the process. Moreover, poor communication between stakeholders, such as insurance providers, agencies, etc., and lack of a systematic process and various administrative tasks involved in an insurance management process could further add to the stress and delay. This could impact an employees’ successful rehabilitation and safe return to work, and even affect their quality of life in the long run.

Zenjuries: Easing Out Your Work Compensation Process

Employers face myriad challenges when it comes to workers' compensation. From filling out lengthy accident reports, to coordinating resources to help injured workers recover, administering new policies to prevent workplace injuries, and preventing claim delays as well premium escalations are just a few.

A work compensation (WC) injury management process involves business owners, injured employees, agencies, insurance carriers, and occupational health providers. Managing a seamless, real-time interaction and data exchange, right from the first report to the final one, between all stakeholders is critical. Legacy insurance and compensation management systems and processes fail to meet the demands of the modern workplace.

Adding to that, the paperwork, regulatory requirements and recordkeeping could be more than what businesses could handle.

Jess Dantice, Founder and CEO, of Zenjuries, has first-hand experience of what happens when a compensation process goes wrong due to a lack of a platform that offers seamless functioning for all stakeholders. Over his two-and-a-half-decade-long career he has seen how employees and employers struggle to navigate through a legacy compensation system, the constant friction and frustration all stakeholders experience during WC injury management processes, and how simple job injuries become breeding grounds for legal consequences.

All of these lead to cost inflation, productivity loss, and negative employee experience, thus impacting the bottom line of a business.

In 2015, Dantice developed an online platform and mobile app, Zenjuries that offers a suite of web and mobile applications along with an efficient service of trained workers' compensation professionals. Zenjuries allows agents and employers to track and manage a workers' compensation claim after a worker has been injured.

Zenjuries mobile app enables workers to report an injury from anywhere, at any time. It provides a step-by-step injury reporting wizard. Once a claim has been reported, other key participants are notified instantly.

"At the heart of Zenjuries is an ecosystem system called the ‘Tree of Communication’. This provides a complete history of the life of the claim. Every event, question, comment, and file is organized in chronological order so it can be retrieved and reviewed by anyone on the team,” said Dantice.

Zenjuries facilitates a quick and easy three-step process for prompt reporting of claims and ongoing communication with critical team members.

“Businesses, insurance agencies, and insurance carriers are uniting together inside of Zenjuries to achieve better experiences and lower costs without wasting their time, energy, and money. That's why we are doubling in size every year for three years in a row,” added Dantice.

Manage Workers’ Compensation Easier, Faster and Cost-Effectively with Zenjuries

Sargent Metal, Inc., a metal manufacturing firm headquartered in Anderson, South Carolina employs over 200 full-time employees in three shifts. Their work involved bending, shaping, and welding metals.

The company witnessed several accidents over the years. It was experiencing rising work compensation premiums and bad user experiences.

“I believe that if we could get information processed faster within the company, then our team could react quicker and produce better results,” noted Tim Hayden, CEO, of Sargent Metals.

After implementing Zenjuries’ platform, Sargent Metals was able to report injuries faster and get updates to its team members timely and consistently.

Within 14 months of using Zenjuries, Sargent saw a claim cost reduction of 39% and a premium reduction of $47k. This also led to a lower experience modification rating factor in subsequent years to follow.

How toBe A Better Policyholder with Zenjuries

As per a recent actuarial review in four major areas of workers’ compensation cost drivers and user experiences, Zenjuries could achieve:

1.            Lag-time reporting: majority of users report 90% of claims within the first 24 hours

2.            Claim duration: Zenjuries average closure rate is less than 6 months

3.            Litigation reduction: Only 5% of Zenjuries cases were paused due to litigation

4.            Policy renewal rates: Zenjuries has over a 90% renewal rate

Dantice goes on to say, “Zenjuries solves multiple problems for multiple entities, all at the same time. It’s not a micro solution for a micro problem. It's a macro. If there’s an entity that plays a role within WC (in any capacity), chances are that Zenjuries is a solution for that entity. Everyone achieves more together through Zenjuries. We make policyholders better policyholders.”

These make Zenjuries ‘The Best Work Comp Software In The World’, a pretty bold statement from a company in the insurance technology industry with several players in it.

Future Outlook

Zenjuries raised $2.2 million in January 2022. The company, which currently has 2,500 users, intends to transition from a software-only product to a “white glove” customer experience, where the software is supplemented by “Zenpro” personnel that ensure that the insurers, policyholders, agents and other interested parties can realize the substantial savings in loss costs.

“Currently, Zenjuries is licensing with various WC providers. The plug-and-play nature of the platform makes it possible for insurance carriers, self-insured groups, group programs, captives, agencies and TPAs to all benefit from the performance that Zenjuries brings to the table,“ concluded Dantice.

Zenjuries helps empower businesses to achieve better WC experiences, outcomes and costs.