We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
As workers’ compensation rates rise across the nation and the National Council of Compensation Insurers (NCCI) institutes new rating strategies that could negatively impact your premiums, the importance of reducing the frequency and severity of workers’ compensation claims becomes even more crucial.
A recent Wall Street Journal article highlighted the differences in safety records between small and large drilling companies. Essentially, the large drilling companies (i.e. market cap in excess of $50 billion) realized a 183% reduction in safety violations per rig drilled compared to small companies (i.e. those with a market cap of less than $2 billion). While it is tempting to take the viewpoint that “bigger is always better”, in this case that is not necessarily true. There are some small drilling companies with outstanding safety records (some actually performing better than the “big boys”). The question is, “What did their management team do to drive great results from operations?”
When business owners shop commercial insurance coverage, the solvency rating of the proposed insurance company is one critical factor they consider. However, savvy commercial insurance buyers should consider another vital factor — how will the proposed insurer handle your claims?
I read an interesting article in this month’s Claims Management magazine about claim letter templates. The article was fairly lengthy and discussed how to improve and organize templates to add to claims efficiency (for the carrier). Makes sense, right? Well, maybe…
There is no doubt business is going global. With more workers traveling abroad and spending extended times in foreign locations the risks for both traveler and company increase. In addition, travel abroad exposes staff to potentially serious financial risk from personal illness (i.e. sickness not related to a WC injury) and, in certain countries, kidnap and ransom, terrorism and war risks. Many of these exposures are not adequately covered under your standard Worker’s Compensation (WC) and Benefit policies. Prudence dictates the time to address these issues is before the traveler has left on their trip and not when the phone rings at 3:00 in the morning.
When a policyholder files a claim with their insurer, they expect defense and protection. The expectation goes as far as thinking that the insurer (or insurer’s counsel) actually has the policyholder’s best interest (and only the policyholder’s interest) at heart. With the issuance of a Reservation of Rights letter (ROR) that is not always the case.
It’s not your imagination that the cost of doing business in New York keeps climbing. The increasing costs of Workers’ Compensation insurance in New York are a major part of the overall increased cost of doing business in the state.
Trying to insulate yourself from downstream risk is always a suggested (if not arduous) Risk Management Best Practice. In the attached Rough Notes article regarding Vassar College, there are a few twists and turns to take note of.
One of the most misunderstood areas of the insurance business is claims handling. Often mishandled, this function is the reason companies buy insurance. To be certain the following four key elements are being managed effectively, there are several points to remember when evaluating your claims management program:
The most effective claims management programs have four elements in common:
