EVOLVING MARKETPLACE
TOTAL COST OF RISK
OPTIMAL OUTCOMES
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Evolving Marketplace
Evolving Marketplace
Our customers tell us that their number one concern is the continuing rise in medical costs. Is this a concern of yours?
Our customers tell us that their number one concern is the
continuing rise in medical costs. Is this a concern of yours?
25%
59%
Medical cost Inflation
21%
56%
Increasing employee benefit costs
19%
54%
Cyber, computer, technology risks/data breaches
15%
51%
Legal liability, including risks of being sued
Our customers tell us that their number one concern is the continuing rise in medical costs. Is this a concern of yours?
Our customers tell us that their number one concern is the
continuing rise in medical costs. Is this a concern of yours?
25%
59%
Medical cost Inflation
21%
56%
Increasing employee benefit costs
19%
54%
Cyber, computer, technology risks/data breaches
15%
51%
Legal liability, including risks of being sued
And this is expected
to continue to rise.
There is a strong
correlation between using
enhanced injured employee
engagement tools and
optimal claims outcomes.
The medical landscape
has changed significantly
over the last decade.
Chronic pain claims have
become more prevalent and
opioid prescription drug usage
has increased significantly.
Managing Your Total Cost of Risk
Evolving claim and risk control medical management capabilities to help control your total cost of risk
Managing Your Total
Cost of Risk
Evolving claim and risk control medical management capabilities to help control your total cost of risk
TravComp® Digital Tools
for a modern workforce
Travelers Medical Advantage®
can help control the rising cost of medical
Travelers
Medical Advantage®
can help control the
rising cost of medical
TRAVELERS MEDICAL ADVANTAGE®
• Innovation • Expertise • Data analytics and Digital • Prevention
Travelers has been focused on medical cost management for the last two decades. Travelers Medical Advantage is the depth and breadth of medical management capabilities we offer throughout all of our casualty lines, and the advantages these capabilities afford our mutual customers in the management of their casualty programs and their total cost of risk. We believe, given the current and future environment facing us and our customers, having this medical advantage is more important than ever.
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TRAVELERS MEDICAL
ADVANTAGE®
• Innovation • Expertise
• Data analytics and Digital
• Prevention
Travelers has been focused on medical cost management for the last two decades. Travelers Medical Advantage is the depth and breadth of medical management capabilities we offer throughout all of our casualty lines, and the advantages these capabilities afford our mutual customers in the management of their casualty programs and their total cost of risk. We believe, given the current and future environment facing us and our customers, having this medical advantage is more important than ever.
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ConciergeCLAIM® Nurse
PROVEN RESULTS
ConciergeCLAIM® Nurse
PROVEN RESULTS
reduction in days out of work
reduction in attorney representation
reduction in days to closure
reduction in overall claim costs
Travelers Early Severity Predictor® contributed to:
30%
reduction in the use of opioids
50%
reduced loss costs
25%
reduction in surgeries
10%
fewer lost time days
Travelers Early Severity
Predictor® contributed to:
30%
reduction in the use of opioids
50%
reduced loss costs
25%
reduction in surgeries
10%
fewer lost time days
Travelers Early Severity Predictor®
With our Early Severity Predictor predictive model, we have been able to improve claim outcomes by up to 50 percent on claims that go through our program. Historically, approximately 75 percent of these at-risk injured employees would have had surgery as part of their medical treatment. With our Early Severity Predictor, these surgeries have been reduced by more than 25 percent, thus reducing injured employees’ further exposure to opioids. In addition, the Early Severity Predictor has helped injured employees recover faster and return to work sooner with 10% fewer lost time days, which benefits both the injured employee and our customers. Our Early Severity Predictor model also contributed to a 30 percent reduction in the use of opioids among the more than 500,000 injured U.S. employees it has helped since 2015.
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Travelers Early Severity
Predictor®
With our Early Severity Predictor predictive model, we have been able to improve claim outcomes by up to 50 percent on claims that go through our program. Historically, approximately 75 percent of these at-risk injured employees would have had surgery as part of their medical treatment. With our Early Severity Predictor, these surgeries have been reduced by more than 25 percent, thus reducing injured employees’ further exposure to opioids. In addition, the Early Severity Predictor has helped injured employees recover faster and return to work sooner with 10% fewer lost time days, which benefits both the injured employee and our customers. Our Early Severity Predictor model also contributed to a 30 percent reduction in the use of opioids among the more than 500,000 injured U.S. employees it has helped since 2015.
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SMART
Our SMART medical bill review
and industry-first comprehensive Ancillary Benefits Management product deliver
$162 million savings, beyond the savings
achieved by standard automated bill review processes.
CULTURAL ADVANTAGE
Travelers Cultural Advantage
enables us to connect
23% reduction in attorney involvement
24% improvement in return-to-work within 30 days over non-Cultural Advantage claims
8% reduction in overall claim costs
SMART
Our SMART medical bill review
and industry-first comprehensive Ancillary Benefits Management product deliver
$162 million savings, beyond the savings achieved by standard automated bill review processes.
CULTURAL ADVANTAGE
Travelers Cultural Advantage
enables us to connect
23% reduction in attorney involvement
24% improvement in return-to-work within 30 days over non-Cultural Advantage claims
8% reduction in overall claim costs
Travelers Workforce Advantage
• Develop and enhance safety culture
• Find and secure the most qualified person
• Educate and prepare employees through onboarding
We feel “Travelers Workforce Advantage” is a holistic and integrated approach to building a safe and healthy workforce to mitigate the impact of rising medical costs and help clients attract and retain talent. It leverages our strong research, data and analytics, and it is linked to the intelligence and capabilities from Travelers Medical Advantage.
Travelers Workforce
Advantage
-
Develop and enhance safety culture
-
Find and secure the most qualified person
-
Educate and prepare employees through onboarding
We feel “Travelers Workforce Advantage” is a holistic and integrated approach to building a safe and healthy workforce to mitigate the impact of rising medical costs and help clients attract and retain talent. It leverages our strong research, data and analytics, and it is linked to the intelligence and capabilities from Travelers Medical Advantage.
Optimal claim outcomes
Optimal claim outcomes
OPTIMAL CLAIM OUTCOMES
OPTIMAL CLAIM
OUTCOMES
‹
›
Return-to-work
66% of injured employees return to work within 30 days
‹
›
Medical savings
Average 64 cents saved per every medical dollar billed
‹
›
Medical network
Approximately 82% medical provider network penetration and 87% pharmacy network penetration
‹
›
Pharmacy
-
63% overall cost reduction
-
6% pharmacy spend vs. 11% for industry – 55% better than the industry
‹
›
Subrogation
Recovery rates exceed the industry benchmark rates by approximately 18%
‹
›
Sustained denial
20% WC sustained denials
‹
›
Workers Comp
combined ratio
Average 11 points lower than industry over past 5 years
‹
›
Leading digital
capabilities
Enhanced injured employee experience and engagement through MyTravelers injured empolyee portal
Return-to-work
66% of injured employees return to work within 30 days
‹
›
Medical savings
Average 64 cents saved per every medical dollar billed
‹
›
Medical network
Approximately 82% medical provider network penetration and 87% pharmacy network penetration
‹
›
Pharmacy
-
63% overall cost reduction
-
6% pharmacy spend vs. 11% for industry – 55% better than the industry
‹
›
Subrogation
Recovery rates exceed the industry benchmark rates by approximately 18%
‹
›
Sustained denial
20% WC sustained denials
‹
›
Workers Comp combined ratio
Average 11 points lower than industry over past 5 years
‹
›
Leading digital capabilities
Enhanced injured employee experience and engagement through MyTravelers injured empolyee portal
‹
›