Published: 11-Apr- 2013 | Product Category: Risk Consulting
, Workers' Compensation
| Comments: 0
Workers’ compensation costs remain a top concern for nearly
every employer. Although most U.S. employers continue to see
workers’ compensation costs rise, the costs vary among peer
groups and industry. Marsh Risk Consulting’s (MRC) Risk Innovation
and Quantification (RiskIQ) Practice has developed the Workers’
Compensation Loss Profile (WCLP), a portfolio of key metrics designed
to identify the unique cost drivers of your workers’ compensation
program, benchmark performance against your peers, and fine tune
solutions to maximize your cost containment efforts and improve
bottom line performance.
Who It's For:
What You Get:
- Organizations that want to
know where to focus workers’
compensation related resources
and improve claims management
and bottom line performance.
- Organizations concerned about an
increase in their experience mod.
- Organizations with a minimum 100
claims per year for the past five years.
- Organizations that have not
completed a WCLP in the past two
- A benchmarking study comparing
your results to those of a
customized peer group.
- An analysis interpreting over
20 different key performance
indicators that illustrate workers’
compensation program trends
within your organization.
- Identification of potential cost-reduction
opportunities and cost
- Recommendations for the design
and implementation of a cost
The first step in developing your WCLP
is conducting a baseline study of your
program. Our analysis incorporates the
interpretation of over 20 different key
performance indicators and metrics,
going beyond just a single benchmark,
to allow you to understand past years’
program performance. In addition, our
consultants compare your organization’s
results against your industry peer
organizations, adding another dimension
to your profile. Our RiskIQ experts then
will discuss your profile results with you to
review cost reduction opportunities and
develop a continuous improvement plan.
RiskIQ’s WCLP leverages both peer
benchmark and point-in-time analysis to
create your custom loss profile. Our team
begins by using our proprietary database
to benchmark your severity outcomes
against industry peers. To determine
your peer group, we look beyond your
industry and factor in other variables
such as individual NCCI job class code
and jurisdiction mix. Next, RiskIQ experts
conduct a point-in-time analysis, an
internally-focused benchmarking exercise
that identifies organization-specific
loss trends. WCLP will help you follow
the lifecycle of your claims, pointedly
identifying cost drivers.
The RiskIQ team provides 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, and more.
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 WCLP 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
WCLP findings can help validate current
polices and procedures as well as become
a useful tool in workers’ compensation
program renewal or marketing efforts.
For more information about WCLP and other MRC solutions, please contact your local MRC or Marsh representative.
You can also reach us by phone: 866 9AtRisk (928-7475), toll-free in the United States and Canada, or +1 212 345 9589 elsewhere. Email email@example.com.