Category: Simple Concepts by Bill Zachry

There are many different life situations facing parents. One of the most rewarding and challenging is the balancing act of raising children while meeting work responsibilities. The fundamental obligation of a parent is to make sure that their children obtain the necessary education to be successful in life. Children who are engaged and supported at school usually become successful adults. Many times employers ignorantly create work situations that do not…

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One of the biggest challenges that our society will experience in the next generation will be to transition from human driven cars to autonomous vehicles (AV).  One only has to listen to the Beach Boys to understand the deep relationship that most of the American public has with their automobiles.  Cultural resistance to implementing autonomous vehicles include concerns over hackers, loss of a pleasurable experience, the perceived need for control, and…

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Introduction   Teflon and the first 100 days. Everyone who starts in a new company or gets a new role is given an allotment of “teflon” when they start. This “teflon” usually is in the form of deferential treatment, and latitude to do new things and make mistakes. Starting a new job can be both exhilarating and overwhelming. In this period of transition, one invaluable tool that can set you on…

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For your reading pleasure, I have attached several articles on the internet of things (which I call “The Internet of Everything”) and an article on a cyber-attack on the cloud; which used "the internet of things" as a platform for the attack.  I miss my old “birdcage” refrigerator but, when I am in the grocery store, (Safeway) I sure like looking inside of my new refrigerator to determine just how…

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The sense of self-worth, value and identity are closely associated with that person’s job or occupation. Everyone needs an adequate income to survive.  Everyone wants to be a part of something bigger, be valued for their contributions, be a part of a community. Work provides these and more.  That is why it is much more than just an economic catastrophic event when someone loses their job due to a work-related…

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Uses of Claims Reserves Case reserves are used by the rating bureaus to help determine the pricing of workers compensation insurance. Their calculation uses the case reserves on the clams files at 18 months after the inception of the insurance policy.  Actuaries rely on claims reserves to help determine the projected ultimate cost of the claims.   They calculate a reserve loss development factor which is applied to the case reserves.…

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There is a paramount importance of quality data in the context of Risk Management / Workers' Compensation and driving advancements in artificial intelligence (AI) within the industry. There is an urgent need for a standardized data glossary and data collection practices. Reliable data will have a direct impact on the development and implementation of AI solutions.  Due to a lack of consistent data definitions or a data glossary, there are significant…

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AI is revolutionizing the landscape of the workers' compensation industry. I am particularly optimistic about the positive impact it will bring. While acknowledging that there are many challenges, I firmly believe that AI will ultimately lead to significant benefits for injured workers and substantial cost reductions within the system. As an experienced Risk Manager and GVP of Claims at insurance companies, I've witnessed the evolving dynamics of our industry firsthand.…

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Artificial intelligence relies on data to do its job. Some of the known problems with the use or management of AI are the lack of quality data and the embedded biases in the existing data.  Timely and accurate data collection using a common data glossary would allow employers, insurance companies, claims administrators, and vendors to perform better internal analysis of their staff productivity, compare claims results, compare benefit provision, determine…

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AI represents the future of workers’ compensation. However, like all new technologies, AI is not without its challenges and detractors. Here are a few considerations as we embark on this transformative journey.  Data Privacy and Security: It is crucial to ensure the privacy and security of the sensitive data that AI systems use. Data privacy issues apply to both the products of the AI process and the data AI uses…

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