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Company: Workers COmpensation & Inspection Bureau of Massachusetts
Industry: Insurance
Pragmatix Improves Workflow, Making Financial Reporting Faster and Easier
The WCRIB of Massachusetts is a licensed rating organization that collects policy, claims and financial
data from all insurance carriers licensed to sell workers' compensation insurance in Massachusetts. The
Bureau files rates, classifications and rating plans on behalf of member insurers.
Business Issue
- Create a reliable platform to collect, analyze and validate data
- Ensure the accurate flow of information
- Compress and automate reporting cycles
- Establish solid reporting, measurement and analysis
- Lower costs and accelerate workflow
Business Results
- Increased staff productivity
- Reduced the review process from several days to minutes
- Improved accuracy by the paperless workflow
- Significantly improved data quality reducing errors by 80%
- Eliminated costly outside systems for entering and storing data
- Immediate savings of $200,000 per year
The WCRIB of Massachusetts receives and processes large amounts of data from more than 250 insurance
carriers nationwide. The current method for managing the data (which took months to complete) was putting
an enormous strain on the Bureau. And, despite the soaring costs, the quality and efficiency of the system
was not improving. To expedite and improve the Bureau's workflow, Pragmatix developed a financial data reporting
application (FDRA) which allows insurance carriers to submit, review and edit data over the Internet. The web-based
solution allows the WCRIB to simultaneously review the data online. Data analysis takes only seconds and can
generate reports immediately. The insurance carriers enter or upload their data into the FDRA. Next, they analyze
the data, flagging any errors. The carriers can see - and correct - any problems before the data is submitted to
the WCRIB for review. In turn, WCRIB users receive the information, analyze it and can generate questions or
feedback. Once the feedback is created it is automatically emailed to carriers for review. This type of feedback
reporting provides an immediate response to the insurance carriers with detailed commentary so they can properly
resolve WCRIB's query.
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