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Analyzing Claim Trends: Fiscal Year 2018-2019 Insights on Frequency and Severity Trends

In this report, Andrew Justice, CPCU, MBA, AIC, ARM, AU, CLCS, examines the claims data from Fiscal Year 2018-2019, focusing on frequency and severity trends. The analysis highlights the proactive loss prevention techniques such as hazard communication, safety training, and ergonomics. Key findings include a decrease in indemnity claim frequency, with no catastrophic losses or fatalities reported. Implementing effective loss reduction techniques, timely claims reporting, and establishing proactive return-to-work programs are essential for managing claims effectively.

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Analyzing Claim Trends: Fiscal Year 2018-2019 Insights on Frequency and Severity Trends

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  1. Claim Trends: Fiscal Year 2018-2019 Andrew Justice, CPCU, MBA, AIC, ARM, AU, CLCS Underwriting Analyst

  2. Identifies causes Frequency trends (number of claims) Severity trends (cost of claims)

  3. Loss Prevention Techniques • Hazard Communication • Training and Inspection • Injury and Illness Prevention Program • Ergonomics The best approach for loss prevention is proactive and preventative.

  4. Loss Reduction Techniques Report claims immediately. Time is money. Use preferred medical providers to administer quality medical treatment. Review the status of large claims on a regular basis. Establish a Return-to-Work program.

  5. Claim Type Frequency

  6. Claim Type by Frequency

  7. Claim Type Severity

  8. Claim Type Severity

  9. Frequency by Department

  10. Severity by Department

  11. Body Part Frequency

  12. Body Part Severity

  13. Top Causes: Frequency

  14. Top Causes: Severity

  15. Claim Trends: FY 18-19 Spotlight Decreased Indemnity Claim Frequency No Catastrophic losses No Fatalities

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