Case Studies

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.