IDS CompMark Claims Data Benchmarking System is Outstanding Idea, Long Overdue
We’re proud to be the developers of CompMark in partnership with Safety National and Insurance Data Services. Learn more about our role in the project here: IDS CompMark Case Study
Published on WorkersCompensation.com
By Robert Wilson
Several of us in the workers’ comp blogosphere have lamented that the industry has lacked, and could truly benefit from, a claims history database offering clear, anonymized data from multiple operations; provided in a useful platform that would allow us to truly gauge and improve our effectiveness as an industry.
Lament no more. That system is here, and it is the brilliant brainchild of the people at Safety National and their subsidiary, Insurance Data Services (IDS). Last month they released CompMark, a multi-contributor claims history database that is revolutionary in its concept and implementation. The result of over 3 1/2 years of effort involving multiple TPA’s and claims operations, the company now offers a clear benchmarking tool for self insured and high deductible claims across the industry.
The Mission Statement of IDS states its purpose clearly. It is:
To collect, normalize and report on self-insured and large deductible claim data so that third party administrators and their clients have a method to compare their results against the entire participating market.
According to the company, “Nearly 50 percent of American workers are covered by self-insured or deductible workers’ compensation programs, yet no quality benchmarking data source exists for Third Party Administrators and employers to compare their claim costs against their peers.” They are absolutely correct, and it appears they have come up with a solution that will definitely fill the void….