Happy New Year from Poirier Law Firm! As 2024 gets underway, we are taking a look at the current and evolving trends in workers’ compensation for the new year. From ongoing developments over years past to groundbreaking new technologies and advancements, the workers’ compensation field is at the intersection of progress and tradition. Here’s an overview of our predictions for the industry in 2024.
Artificial Intelligence
It’s the top conversation in nearly every industry: artificial intelligence. In the workers’ compensation world, AI technology is already changing and expediting long-standing processes that plague our field. In 2023, AI largely improved the workers’ compensation claims process by automating processes and freeing personnel from extraneous work. Such capabilities are simplifying arduous operations and allowing for more advanced and accurate detection of fraudulent claims.
But, with the exponential boom of technology comes the reactionary reigning in of the immense power at play. AI’s fast growth and implementation also means pushback. Just as industries have been quick to employ AI, they are now following up with increased protocols and training aimed at reducing the ethical dilemmas posed by the technology. We predict the rapid adoption of AI will lead to equally swift rules and regulations around the utilization of such tools.
Mental Health
Industry discussions around mental health are here to stay. Over the past few years, we have written on the state of mental health treatment in the workers’ compensation world. This year, we predict this topic will continue to advance.
Just a few years ago, psychological problems were not considered applicable to work-related accidents. The COVID-19 pandemic brought about renewed dialogue around the brain health of first responders, frontline workers, and those heavily impacted by the shut down. Several states passed sweeping legislation to offer aid and support to workers suffering with post-traumatic stress disorder. Georgia legislators proposed a bill that would protect the state’s first responders experiencing psychological trauma by providing compensation, but the movement failed to advance in the 2022 legislative cycle.
Marijuana Legislation
Just as states are turning the tide on mental health treatment, so too are they ushering in radical changes to marijuana legalization. The introduction of legalized marijuana prompts questions around its potential medical usage. For the workers’ compensation industry, this means possible unprecedented claims as employees, employers, medical personnel, and insurance providers navigate new solutions.
Economic Inflation and Uncertainty
Our final industry forecast relates to economic inflation, shifts, and uncertainty. As covered in a previous blog, financial ebbs and flows pose potential problems for the workers’ compensation insurance industry. According to an annual survey by the National Council on Compensation Insurance (NCCI), industry executives are concerned about the ever-changing economy, rising medical costs, and shifting workforces. As inflation persists, expenditures will continue to increase. As more and more workers move to hybrid or work-from-home routines, the number and validity of work-related injuries will shift.
As the workers’ compensation industry continues to grow and change, we will continue to report on stories that impact workers. At Poirier Law Firm, we fight for workers’ rights which means we stay on top of trends to anticipate where our clients will need support in the future. If you or a loved one recently suffered an on-the-job injury, contact us today.