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Article: Imagining a Brave New World.(Workers' Comp)
- Article from:
- Risk & Insurance
- Article date:
- September 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Axon Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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What if we could design completely from scratch a workers' compensation system? I communed with Kevin Bingham, an actuary with Deloitte & Touche, to imagine such a Brave New World. There is something for the employer, insurer and workers in this new world.
Some things will remain the same. Employers are the primary risk bearer today and will be in the future. Risk management, loss prevention and disability management will remain as central themes. But the insurance system of today will fade like a vanishing hand into a matrix of new financial instruments for employers, insurers and individual workers.
Undergirding this new world will be massive databases ...