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Insurity Releases “Workers’ Compensation Industry Trends” Report Based on Valen Data Consortium Insights

June 2, 2021 | By admin | No Comments | Filed in: ixyfmqzbo.

first_img WhatsApp Local NewsBusiness Pinterest Facebook Insurity Releases “Workers’ Compensation Industry Trends” Report Based on Valen Data Consortium Insights WhatsApp Facebook Twittercenter_img HARTFORD, Conn.–(BUSINESS WIRE)–Feb 4, 2021– Insurity, a leading provider of cloud-based systems for insurance carriers, brokers, and MGAs, today released its Workers’ Compensation Industry Trends report. The exclusive research reveals four converging trends related to COVID-19 that are expected to impact insurers’ portfolios in 2021. The study was based on $60 billion in workers’ compensation policy and claims data from Insurity’s proprietary Valen Data Consortium from Q1 through Q3 2020. The pandemic has exacerbated challenges for the workers’ compensation industry, which has seen loss costs on a downward trend for years alongside climbing expense ratios. This, combined with the findings within this report related to new business, renewals, and expected premium loss, underscores the need for a heightened focus on underwriting excellence so insurers can protect and preserve loss ratios while competing for premium in the current and post-pandemic marketplace. “Our consortium data reveals what is actually happening on the ground during the pandemic, providing a real-world view of what insurers are up against,” said Kirstin Marr, head of data solutions at Insurity. “It’s clear from our analysis that new business is becoming harder to find while insurers may also be on the hook to return a significant amount of premium upon retrospective audits. Compounding this, investment yields are at all-time lows. This puts adequacy of premium at risk and creates urgency around enhanced risk selection, pricing, and portfolio management practices—not only to safeguard loss ratios, but also to establish competitive differentiation.” “The trends show insurers facing pressures from three primary areas: a decrease in new business, renewal stagnation, and the potential return of substantial premium, resulting from retrospective audits that reflect pandemic-driven layoffs and furloughs,” said JJ Ihrke, head of analytics and chief scoring officer at Insurity. “With new business quotes down as much as 23% in some industries—underwriting profitability becomes incredibly important to achieve because insurers simply can’t afford to miss on the scarce new business opportunities available.” To view the key trends, analysis, and steps to navigate this challenging environment, download the Workers Compensation Industry Trends report at: https://go.insurity.com/WC-2021-1-WorkersCompTrends-Report—LP-Content-Download.html. About the Valen Data Consortium The study was based on insights gleaned from the Valen Data Consortium, the P&C industry’s largest proprietary database of P&C policy, claims, billing, and submission data, totaling $100 billion dollars in premium ($60 billion in workers’ comp premium). It contains over 20 years of workers’ compensation data including transactional and behavioral information such as risk profile, attributes, policy, and claims history. About Insurity Insurity is a leading provider of cloud-based systems for insurance carriers, brokers, and MGAs. Through its best-in-class digital platform and with unrivaled industry experience and thought leadership, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. With users worldwide and more cloud-based deployments than any other core system provider in the insurtech space, Insurity is trusted by 15 of the top 25 property and casualty carriers in the US. For more information, visit www.insurity.com. View source version on businesswire.com:https://www.businesswire.com/news/home/20210204005039/en/ CONTACT: Fusion PR on behalf of Insurity Ross Blume, (310) 481-1431 [email protected] KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY PROFESSIONAL SERVICES INSURANCE DATA MANAGEMENT SOURCE: Insurity Copyright Business Wire 2021. PUB: 02/04/2021 09:00 AM/DISC: 02/04/2021 09:01 AM http://www.businesswire.com/news/home/20210204005039/en TAGS  Previous articleAgendia to Participate in the BTIG MedTech, Digital Health, Life Science & Diagnostic Tools ConferenceNext articleDascena Strengthens Executive Leadership Team with Key Appointments and Promotion Digital AIM Web Support Twitter By Digital AIM Web Support – February 4, 2021 Pinterestlast_img read more

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Possible botulism reported after cosmetic injections

November 18, 2020 | By admin | No Comments | Filed in: ercinbyyl.

first_img The maker of Botox, Allergan Inc. of Irvine, Calif., said Nov 29 that authorities had not been able to confirm that Botox had been administered to the four patients. The company said it was cooperating with federal and state health officials to investigate the cases. Dec 1, 2004 (CIDRAP News) – Four people in Florida and New Jersey who might have been injected with the anti-wrinkle medication Botox are seriously ill with possible botulism, according to news services. Allergan also said only two vials of Botox were shipped to Advanced Integrated Medical Center this year and only one was shipped in the past 6 months. The company reported it had reviewed all manufacturing and quality-assurance processes related to the vials and found no problems. Also, the firm said it had received no reports of adverse events related to the manufacturing lots from which the vials came. The two patients in New Jersey were still connected to ventilators but were conscious and communicating through gestures, the newspaper, citing relatives of the patients, reported today. The stories identified the patients as Bach McComb and Alma “AJ” Hall, both employees at Advanced Integrated Medical Systems. They were hospitalized at Bayonne (N.J.) Medical Center. The newspaper described McComb as a physician whose license was suspended by Florida health officials in 2003 after he was charged with trafficking in addictive pain medications. See also: The South Florida Sun-Sentinel in Fort Lauderdale said all four patients were on mechanical ventilators. Today the newspaper reported that the two patients in Florida, whom it identified as Eric S. Kaplan and his wife, Bonnie, were in serious but stable condition. Authorities have not confirmed that any of the patients had botulism. A Nov 30 report in the Sun-Sentinel said doctors at Palm Beach Gardens Medical Center were treating the two cases there as botulism. The Florida Department of Health (FDH) said it was expecting laboratory tests to clarify the diagnoses later this week, according to the story. Calls to the FDH for more information were not returned in time for this story. The New Jersey Department of Health and Senior Services issued a short statement Nov 29 saying that botulinum toxin poisoning had not been confirmed in the two patients. The statement said Florida health officials were taking the lead in investigating the cases and that New Jersey was cooperating with Florida and the CDC.center_img The Associated Press (AP) reported that a man and woman in their 50s were in critical condition at Palm Beach Gardens (Florida) Medical Center on Nov 28. Dr. Charles Schallop, a neurologist who treated the couple, said they had gone to a Fort Lauderdale clinic called Advanced Integrated Medical Center Nov 24 for Botox injections, according to the AP report. Nov 30 Allergan news releasehttp://agn.client.shareholder.com/releasedetail.cfm?ReleaseID=149490 Two other people were being treated at a hospital in New Jersey for possible botulism, the AP report said. Schallop said the Florida couple reported that the New Jersey patients were at the Florida clinic the same day they were there. Schallop said he suspected all four patients might have fallen ill because of contaminated doses of Botox or some other drug. Botox contains minute amounts of botulinum toxin, which causes muscle paralysis and is the most lethal known substance. The toxin, derived from the bacterium Clostridium botulinum, is one of the six biological agents considered most likely to be used by terrorists. Botulism is usually associated with contaminated food, particularly improperly home-canned food. Botox is used to smooth facial wrinkles and to treat certain muscle disorders. The Sun-Sentinel reported that the Food and Drug Administration (FDA) was investigating exactly what the four patients were injected with and who administered the injections. The newspaper quoted investigators as saying they were considering the possibility that patients were injected with foreign-made imitations of Botox and Myoblock, another anti-wrinkle drug that contains botulinum toxin. The Centers for Disease Control and Prevention (CDC) was helping with the FDH investigation by conducting lab tests, CDC spokeswoman Christine Pearson told CIDRAP News yesterday. CIDRAP overview of botulismlast_img read more

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