What’s In Store for Workers’ Compensation and Insurance in 2020? Industry Experts Weigh In

With a new year upon us, it’s important to take a moment from our daily grind to see where we’ve been and where we may be heading.

In 2019, we saw a big focus on opioids, cyber risks, political uncertainties, technology, and severe natural disasters. Although each topic was vastly different, these nationwide issues all had a trickle-down effect on the risk management, insurance, and workers’ compensation industries.

So, where are we headed in 2020? A few of our favorite industry experts share their thoughts.

Prediction #1: We will see major technology advancements

We first spoke to Mark Pew, known in the industry as the RxProfessor, but also as the Senior Vice President for Preferred Medical. As a leader in the workers’ compensation industry with a focus on appropriate individual treatment for injured workers, he gets to see first hand how trends change every year.

So, what is Pew’s prediction?

“Technological innovations and computational power will increasingly do the mundane in a self-service model which allows humans to focus on strategy and personal interaction. Technology will not replace humans but help them be more human.”

Prediction #2: Data-driven companies will help bring transparency and much-needed change

Tammy Boyd, Vice President Of Business Development at Bardavon Health Innovations, is a trailblazer in her own league. With her background in marketing and business development, she understands what both corporations and consumers need. Boyd weighed in:

“After decades of stagnation and entrenchment in the status quo, the Workers’ Compensation, insurance and risk management industries are ripe for change agents. There are several companies who are ready to be those agents, including forward-thinking companies like Ametros, Authentic 4D, Clara Analytics, Remedy, and Bardavon Health Innovations, along other with emerging, cutting-edge newcomers in the marketplace. We see the coming decade as a time when innovative companies will bring new ideas and improved process to the entire marketplace, breaking down the obsolete structures that wallow in ambiguity and unnecessary complexity.

Historically the market has been fragmented and currently, we’re seeing consolidation. In most cases, this consolidation isn’t about driving improvement to the continuum of care for the injured worker. Rather, this consolidation is simply shifting market share and revenue.

Workers’ Compensation is overdue for new solutions that simplify and clarify, driving a new perspective on value. Utilizing new technologies and the smart use of data, trailblazing companies will break down barriers and bring transparency to an industry that has been resistant to change. As we dismantle those silos and entrenchment, all parties—Payors, Providers, the emerging healthcare technology companies, and most importantly, Patients, will thrive.”

Prediction #3: Employers will have to adapt quickly to radical legislative changes

We turned to our very own CEO and President of LegalNet Inc, Rory Haynie, to cap off our final 2020 trend. He’s had extensive experience working with millennials and recently spoke on this subject at The Gavel Conference.

“I think for 2020, the sweeping changes of medical marijuana and how that is becoming far more accepted will be a big shift. Currently, over 85% of the millennial population supports the legalization of marijuana. What does that mean for industries that have had a zero tolerance on marijuana? I think we will see marijuana become the more popular solution to pain that injured workers are asking for and employers will have to adapt to this changing environment. I think we’re going to see some technology surrounding this field and that will help identify when someone is truly impaired by marijuana.”

All in all, it seems that a big push for technology will continue to be at the forefront of our industry.

What are your predictions? Share with us below!

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