Laying the Data Groundwork to Predict Risk Trends around Worker’s Compensation Insurance

Risk Transfer is a leading provider of customized insurance solutions for the Professional Employer Organization (PEO), Temporary Staffing, and Healthcare industries. Managing the various risk trends in these markets is not unlike managing a portfolio of stocks - the goal is to accurately balance, assess and predict risk in order to optimize on your business opportunities. This case study will highlight Risk Transfer's journey from simply getting data into a usable format to actually using it for data-driven decision-making. We will highlight key Data Management insights and lessons learned from laying an initial foundation to building a roadmap toward a future with predictive analytics.

- A case study on Data Management Insights and Lessons Learned.
- Methods on managing various risk trends (assessing and predicting) to optimize business offerings.

Mitch Hamilton manages the consulting practice and client engagements for Data Blueprint. In a career that spans over twenty years, he has experience across multiple industries including financial services, chemical engineering, aerospace engineering, health care, insurance, and management consulting. The common thread to success across all of these environments has been the management and use of data. Since his early years as an engineer with the Department of Defense, Mitch has had a passion for applying the appropriate combination of technology, people and process to enable organizations to get the most value from their data. Data Blueprint allows him to exercise his passion every day in enabling our clients to do more with their data.

Formally trained in insurance by Liberty Mutual in 1992; Licensed property and casualty agent for 23 years Formed Risk Transfer Solutions in 2000 and placed close to $2 billion of workers’ compensation through 2015 Created RiskMD in 2006; a process to diagnose workers’ compensation issues through empirical data analysis, which then produces an actionable treatment path Authored or has been quoted in 60+ articles in various insurance, staffing and Professional Employer Organization (“PEO”) publications to include Business Insurance, Florida and National Underwriter, Workers Comp Central and PEO Insider Involved with several initiatives with NCCI and PEO Industry associations to further improve industry standards for PEO bureau reporting, the creation of PEO specific endorsements and most importantly, he is the Chairman of the Sub-committee that defines PEO for all insurance, legislative and actuarial bodies Authored a process patent that is pending on the “Acquisition, Valuation and Management of insurance policies” With actuarial support and guidance, built “The Barnstable Vintage”; a predictive model for understanding how to price workers’ compensation where there is little or no credibility of data Presented on data management and predictive analytics at the eInsurance Symposium, Predictive Analytics World, Enterprise Data World and The Insurance Data Management Association. Created Libertate Insurance in 2014; a licensed general and excess and surplus agency/agent in all states at which he is Founder and CEO.