Insurance Data Services Launches CompMark Benchmarking Tool
Insurance Data Services (IDS) announced the launch of CompMark today. CompMark is the first database devoted exclusively to aggregating self-funded workers’ compensation claim data from multiple Third Party Administrators (TPAs) to provide relevant benchmarking reports. IDS is a data analytic company owned by Safety National Casualty Corporation, the U.S. market leader in excess workers’ compensation.
CompMark, created in conjunction with member TPAs, is an internet-based data analytic tool that houses self-insured retention (SIR) and deductible claim data. Claimant and client identification information is removed before the data is submitted and merged into an independent central warehouse from which members can run reports to compare their claim results to the entire database. CompMark was built and is operated by IDS in partnership with insurance technology firm, JB Knowledge Technologies, Inc.
Members and their clients can use the CompMark reports to
benchmark against their peers to measure the effectiveness of their cost control measures and, thereby, improve their workers’ compensation programs.
CompMark is the only existing benchmarking tool for self insureds to compare their workers’ compensation claim costs to other self-funded programs. “Nearly 50% of workers are covered by self-funded workers’ compensation programs, yet no rating bureau or other organization currently consolidates and analyzes self-funded claim data,” said Carl Reynolds, Senior Vice President of Claims at Safety National. “As the industry leader in this market, Safety National banded together with a group of forward-thinking TPAs to step in and fill that void with the creation of CompMark.”
CompMark currently houses data for approximately 7.5 million claims through existing participating members and IDS is actively seeking additional member participants. The system can only be accessed by members who contribute data.
Category: Insurance Online