To allows clients measure their claims experience against national claims database
CS STARS, a provider of risk management technology, has unveiled new claims benchmarking product available through the STARS Enterprise risk management software platform.
The company said that the new product allows STARS clients to measure their claims experience against a large national claims database and to compare their experience with that of peer organisations.
According to the company, the claims database, aggregated by CS STARS across its risk management system installations, contains approximately 3 million liability, property and workers’ compensation claim records from more than 500 organizations. The data were derived primarily from major insurance companies on behalf of CS STARS clients.
The benchmarking data can be accessed from STARS reports that allows users to chart their data side-by-side with peer organizations based on industry, geography, risk profile, or other factors, the company said.
Reportedly, the first release of the STARS claims benchmarking product includes a library of configurable reports. Plans are underway for a second release that is expected to extend the capabilities through a web-based interactive tool for viewing benchmarking data. The second release is anticipated in the second half of 2010.
Scott Robinson, director of strategic product development for CS STARS, said: “Our new benchmarking product is an extension of core data technologies that have established STARS as the market leader in the RMIS space. Clients can make comparisons to timely, accurate production quality data – this means that the data haven’t been through multiple conversion processes that can reduce validity and efficacy.”