Archive for the ‘business and economics’ Category

Improved Interactions Drive Gen Y Increase in Auto Insurance Satisfaction

July 17, 2015 Comments off

Improved Interactions Drive Gen Y Increase in Auto Insurance Satisfaction
Source: J.D. Power

Gen Y[1] customers are the driving force behind an increase in overall auto insurance satisfaction due to improvement across all customer service interaction channels, the largest contributor to the customer experience, according to the J.D. Power 2015 U.S. Auto Insurance StudySM released today.

The study examines customer satisfaction in five factors: interaction; price; policy offerings; billing and payment; and claims. Satisfaction is measured on a 1,000-point scale.

Customer interaction preferences are changing. Gen Y’s preference to interact exclusively through digital self-service (Web or mobile) has increased to 27 percent in 2015 from 21 percent in 2011. A similar pattern of preference is found in other generational groups (Gen X: 23% vs. 19% in 2011; Boomers: 12% vs. 10%; and Pre-Boomers: 6% vs. 4%). Among the interaction channels, satisfaction with the website experience receives the lowest average score, most notably among Gen Y customers (816, compared with 826 for Gen X, 841 for Boomers and 861 for Pre-Boomers).

Building Millennials’ Financial Health Via Financial Capability

July 17, 2015 Comments off

Building Millennials’ Financial Health Via Financial Capability (PDF)
Source: University of Kansas School of Social Welfare

Today’s young adults, referred to as Millennials born between the early 1980’s and 2000’s, are coming of age in an economy unlike any other. 1 The macroeconomic conditions of the Great Recession from approximately 2007 to 2011 systematically undermined Millennials’ financial health by limiting employment opportunities, stagnating income growth, reducing net worth, and increasing reliance on debt. Millennials entered a labor market with limited opportunities and saw higher unemployment rates than the rest of the population.2 Fewer Millennials entered the labor market than young adults from any preceding generation and their unemployment rate was roughly 15 to 17 percent at the height of the recession—5 to 7 percentage points higher than the average unemployment rate for the rest of the population. They also experienced diminishing returns for participating in the labor market, earning 6 percent less per paycheck than in previous years.

Fewer employment opportunities and reduced paychecks translated into less money to save and invest. The average Millennial has about $1,000 in savings,4 suggesting that many may struggle to afford necessary expenses in the face of unemployment and to become financially independent.5 Millennials also delayed investing in homes and those who did invest experienced substantial wealth losses that were driven by declining home equity. 6 These losses are reflected in the value of Millennials’ accumulated net worth compared to that of previous generations.7 Millennials’ net worth is valued at $10,000, which is 41 percent less than the values of net worth held by Baby Boomers and Generation X’ers two decades ago.8

Health care fraud and abuse enforcement: Relationship scrutiny

July 17, 2015 Comments off

Health care fraud and abuse enforcement: Relationship scrutiny
Source: Deloitte

Where is fraud and abuse enforcement headed in health care? One emerging area of interest is relationship scrutiny. Relationships can be complex in the business of health care: tracking and analyzing them is an important part of minimizing the fraud and abuse that may result from questionable relationships and improper influence.

Many organizations depend on analytics to understand their own performance. Insights and patterns within the data are often used to inform strategy and decision making. Researchers can apply analytics to identify external trends and factors that may impact businesses. To that end, Deloitte researchers used analytics techniques to examine the text of tens of thousands of federal regulations and identify emerging trends in health care fraud and abuse enforcement. The results are telling: Federal health care regulators are emphasizing relationship scrutiny in their fraud and abuse enforcement efforts. Also, discussion of health care fraud and abuse topics – including relationship scrutiny – is recurring, as evidenced by the cyclical rise and fall in frequency and relevance of keyword groups related to “enforcement,” “value-based care,” and “fraud and abuse.” The bottom line: discussion of these topics is present; relationship scrutiny is likely here to stay.

Using Your House for Income in Retirement

July 17, 2015 Comments off

Using Your House for Income in Retirement
Source: Center for Retirement Research at Boston College

Using Your House reviews the two most common ways to use your house to boost your income in retirement – downsizing and a reverse mortgage – with clear examples, a discussion of the pros and cons of each approach, and links to tools on the web where you can get estimates of what downsizing or a reverse mortgage can do for you.

Safe & Sustainable Recycling: Protecting Workers who Protect the Planet

July 16, 2015 Comments off

Safe & Sustainable Recycling: Protecting Workers who Protect the Planet
Source: GAIA, Partnership for Working Families, and National Council for Occupational Safety and Health

Recycling is the right thing to do, but we need to make it safe for recycling workers. Recycling is a key approach for waste reduction and climate action that is used by cities across the U.S. with enormous environmental and economic benefits. But a new report finds that the actual work of sorting recycling can be unnecessarily hazardous to workers’ health and safety. Seventeen recycling workers died on the job between 2011-2013, and recycling workers are more than twice as likely to be injured on the job than the average U.S. worker. These high injury and fatality rates are a result of unsafe working conditions including exposure to hazardous items on the sort line, like hypodermic needles, toxic chemicals, and animal carcasses, and working around heavy machinery. By ensuring health and safety compliance across the industry, cities can protect workers who protect our planet.

HHS OIG — Ensuring the Integrity of Medicare Part D

July 16, 2015 Comments off

Ensuring the Integrity of Medicare Part D
Source: U.S. Department of Health and Human Services, Office of Inspector General

In the 9 years since Part D began, OIG has produced a wide range of investigations, audits, evaluations, and legal guidance related to Part D program integrity. This work has resulted in the prosecution of individuals accused of defrauding Part D, as well as the identification of systemic program vulnerabilities that raise concerns related to both inappropriate payments and quality of care. OIG has made recommendations to strengthen Part D program integrity, and progress has been made. However, Part D remains vulnerable to fraud, as evidenced by ongoing investigations. OIG has prepared this portfolio to document key progress in addressing Part D program vulnerabilities and to highlight issues that need improvement.

See also: Questionable Billing and Geographic Hotspots Point to Potential Fraud and Abuse in Medicare Part D

Sources of Increasing Differential Mortality Among the Aged by Socioeconomic Status

July 16, 2015 Comments off

Sources of Increasing Differential Mortality Among the Aged by Socioeconomic Status
Source: Center for Retirement Research at Boston College

This paper uses data from the Health and Retirement Study (HRS) to explore the extent and causes of widening differences in life expectancy by socioeconomic status (SES) for older persons. We construct alternative measures of SES using educational attainment and average (career) earnings in the prime working ages of 41-50. We also use information on causes of death, health status and various behavioral indicators (smoking, drinking, and obesity) that are believed to be predictors of premature death in an effort to explain the causes of the growing disparities in life expectancy between people of high and low SES.

The paper finds that:

  • There is strong statistical evidence in the HRS of a growing inequality of mortality risk by SES among more recent birth cohorts compared with cohorts born before 1930.
  • Both educational attainment and career earnings as constructed from Social Security records are equally useful indicators of SES, although the distinction in mortality risk by education is greatest for those with and without a college degree.
  • There has been a significant decline in the risk of dying from cancer or heart conditions for older Americans in the top half of the income distribution, but we find no such reduction of mortality risk in the bottom half of the distribution.
  • The inclusion of the behavioral variables and health status result in substantial improvement in the predictions of mortality, but they do not identify the sources of the increase in differential mortality.

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