Workers' Compensation Loss Profile
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.
Who it's for
Your organization can benefit from this solution if you:
- Want to know where to focus workers’ compensation-related resources, improve claims management, and bottom-line performance.
- Are concerned about an increase in your experience modification.
- Have had a minimum 100 claims per year for the past five years.
- Have not completed a workers’ compensation loss profile in the past two years.
What you receive
We provide you the following:
- A benchmarking study comparing your results to those of a customized peer group.
- An analysis interpreting more than 20 key performance indicators that show workers’ compensation program trends in your organization.
- Potential cost-reduction opportunities and cost drivers.
- Recommendations for designing and implementing a cost mitigation strategy.
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.
Our results summary
We provide you with a results summary, which identifies loss cost drivers and offers recommendations to improve specific aspects of your program, including:
- Large losses.
- Claim closure rates.
- Severe medical payment types.
- Synergy with third-party administrators and vendors.
- Nature of injury types.
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.