In The Press
SMP Consulting Group, a nationally known workers’ compensation audit consulting firm announces the launch of “Compwize”
HOLBROOK, N.Y., July 19, 2023 /PRNewswire-PRWeb/ — “After two years of development, “Compwize” has been launched. This AI program is truly cutting edge algorithm/software technology that identifies statistical and human error found in the calculation of earned premiums for Workers’ Compensation Insurance Policies,” was announced by Edward J. Kelly, Jr., President of SMP Consulting Group.
Workers’ Compensation is a required and heavily regulated line of insurance which means specific guidelines are established and typically revised annually which makes it extremely difficult for employers and insurance brokers to keep up with the ever changing landscape. In fact, most premium overcharges are unintentional, but they exist due to the complications and difficulties inherent within the Workers’ Comp. system itself. Based on this complexity – unintentional mistakes are made, resulting in overcharged premiums for 86% of our clients! Thankfully, current regulation allows employers to go back up to 7 years to identify, correct and recover these overcharges.