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Gary Lavoie, CEO of TruNorth.Tech, interviewed Adam Torres on Mission Matters Money Podcast
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Gary Lavoie says its offerings are at the forefront of technology optimization with the goal of creating an employee compensation process that everyone values.
See the full interview:
Employee Compensation – Current Scenario
“There’s a lot of mistrust and bias in the system,” Lavoie says of the employer / employee dynamic when it comes to employee compensation. “No one wins … and from the carrier’s point of view, between the availability of data and the need for automation, there is a push between the other side of the equation, which is an employee who believes in simplicity.”
The shot, Lavoie says, is that both sides have valid complaints. “They’re both right,” he explained. “We need to build a new system driven by useful information that brings simplicity back to the management of employee health risk and injury management.”
Considering the growth and performance of the industry over the past two decades, workers ’compensation is now a $ 58 billion industry, but Lavoie says he is seeing a decline in claims for time lost in those two decades. There is also the issue of heavy administration and waste: distrust of the things that hurt workers, and the resulting bias, which makes working in the system much more enjoyable for everyone.
This is not about creating an employee center (exclusively), but about building for the employee and so is the dynamics of the employer, ”says Lavoie. “It’s about all the actors in the system. We need to recreate the goal in risk management jobs; we don’t want them to become paper-boosters and billers in the system. ”
How does TruNorth.Tech help?
TruNorth.Tech, Lavoie says, is the result of technology born from Tempus Work Environment and Risk Solutions. Its solutions have evolved in line with Tempus’s specialization in the field of employee compensation, occupational safety and medical case management. Her technology team is aligned with an advisory team that is important in the workplace in orthopedic surgery and behavioral health elements. Once launched, TruNorth.Tech will work with small and medium-sized businesses through a partnership with carriers. It also aims to strategically connect with business-level companies that have made changes in the field of auto insurance, assisted by administrators to manage employee compensation risk.
“We’re putting a new set of data on the table,” Lavoie shares. “We collaborate on injury management and defense, an element that is already being borne by most carriers and administrators in the system. “.
The Way Forward
“Initially we went to some partners who had a relationship with Tempus, and we came up with the idea, and it ignited a fire in our community that got a round seed of $ 825,000.” Lavoie warned that the company is currently closing this seed round .. “We will launch it next week,” he says.
TruNorth Tech aims to integrate corporate partnerships with Tempus and change the way medical case management, injury management and defense are managed and measured holistically.
To learn more about Tempus and TruNorth Tech, visit https://www.tempusrisk.com/
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