Marsh Advisory’s workers’ compensation loss profile tool can identify the unique cost drivers of your workers’ compensation program, benchmark performance against your peers, and fine-tune solutions to maximize cost containment and improve your bottom line.
Workers’ compensation costs remain a top concern for nearly every employer. Although most US employers continue to see workers’ compensation costs rise, the costs vary among peer groups and industry. Marsh Advisory has developed this tool to help support.
Your organization can benefit from this solution if you:
We provide you the following:
The first step in developing your workers’ compensation loss profile is conducting a baseline study of your program. Our analysis interprets more than 20 key performance indicators and metrics, enabling you to understand past years’ program performance.
In addition, our consultants compare your results against your industry peer organizations, adding another dimension to your profile. Our experts discuss your profile results with you to review cost reduction opportunities and develop a continuous improvement plan.
We provide you with a results summary, which identifies loss cost drivers and offers recommendations to improve specific aspects of your program, including:
Our comprehensive analysis provides a holistic picture of your workers’ compensation program and costs and includes pre- and post loss strategies that support cost mitigation and loss reduction activities. The workers’ compensation loss profile may even lead to cost reductions beyond claims, including, for example, those related to collateral requirements, letter-of-credit requirements, and premiums—which directly impact your bottom line.
In addition to cost-saving strategies, our findings can help validate current polices and procedures as well as become a useful tool in workers’ compensation program renewal or marketing efforts.