Case Studies and Success Stories
Where They Were: I had the occasion to visit with a prospect whose renewal was about a week away. We had had several conversations about the company’s claims experience, employee issues, etc; but, the company was reluctant to use our services because of the long standing relationship with their current insurance agent. Due to a couple of significant claims and an increase in payroll, the company felt like their workers’ compensation renewal was going to be extremely high. Therefore I was given the opportunity to help.
What Was Done: After reviewing their worker’s compensation program, we identified several areas of mismanagement: a claim was reported in the wrong state; high indemnity payouts; old claims were still open; and they were not taking advantage of the Drug’s Don’t Work discount. We corrected the errors and implemented the programs that were necessary for the company to have an effective worker’s compensation program.
The Result: The Company decided to hire our firm to assist them with their Safety Program, Worker’s Compensation Program and the rest of their insurance needs. Over the past 3 years we have seen their experience modifier go down 23 basis points (a premium reduction of $42,000 per year), implemented a Drug Free Workplace (a premium reduction of $15,000 per year), and the marketability of their account expand from two markets to five.
The Outcome: The Company now realizes the importance of an effective safety program and a properly managed workers’ compensation program. The client is completely satisfied with both the premium savings and the effective proactive safety program that is now in place.