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Win and retain with workers’ comp

Friday, July 29, 2011
Written By
Patrick Noonan
Vice President of Content Development

What business isn’t looking for ways to improve profitability? What CFO doesn’t love the broker who actively helps reduce costs? When you promote and implement your workers’ compensation resources, you do both of these things – making you not only a trusted adviser but a necessary part of the business strategy.

According to our 2011 Broker Services Survey, your clients expect more from you than competitive pricing and access to insurance markets. They need expertise and guidance. If you are not already doing so, now’s the time to start providing it, or someone else most certainly will. The survey results show that workers’ compensation is the perfect area for commercial brokers to provide cost-savings counsel and even for benefit brokers looking to expand their HR service offerings.  Of the more than 2,000 employer groups that participated in the survey:

  • 67% said that it was important that their broker provide employee focused health and safety information
  • 77% said that it was important that their broker deliver information to help reduce the frequency of claims
  • 79% said that it was important that their broker deliver information to help reduce the expense of individual claims
  • 57% ranked controlling workers’ compensation costs as one of their top risk management challenges

Using the resources in Broker Briefcase, trusted advisers can help their clients reduce their workers’ comp costs. Here’s how:

1. By helping employers build a comprehensive safety program that engages all levels of their organization and reduces accidents and improves morale. Your resources will help employers:

  • Demonstrate a need for safety
  • Build a safety culture
  • Select and train an injury management coordinator
  • Build a clinic relationship
  • Enact procedures to address accidents quickly and effectively
  • Create and maintain a return to work program

2.  By helping employers minimize premium payments by controlling the insurance process. Your resources will help employers:

  • Understand their modification factor
  • Manage their exposures
  • Use OSHA to their advantage
  • Integrate employee health and safety into their culture

3. By helping employers reduce injury costs with planning and communication. Your resources will:

  • Help employers to use conditional offers to evaluate prospective employees
  • Help you conduct an audit of your client’s workers’ comp premium and educate on the importance of the experience modification factor

Consultative practices aren’t built overnight as organizations need constant attention, support and guidance in building and maintaining a culture of safety. Our new Workers’ Compensation Roadmap provides you with the framework and more than 100 resources you need as you guide your clients on ways to reduce their workers’ comp costs.

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