Prompt Reporting Reduces Costs

A recent study by The Hartford Financial Services Group found that claims filed five or more days after an injury cost an average of 15 percent more for medical and income-replacement benefits than similar claims that had been filed promptly. According to Richard Palczynski, senior vice president and chief actuary at The Hartford, as quoted by propertyandcasualty.com, ``The Hartford's study demonstrates that early reporting can be one of the most effective ways risk managers can keep costs in check.'' The Hartford analyzed more than 30,000 lost-time workers' compensation claims over a fi...