Workers' Compensation Diagnostic
This cutting-edge assessment of your claims handling process evaluates the efficiency of your Workers' Compensation Program. This solutions-oriented tool identifies ways to reduce future losses.
Going beyond other models in the industry, Workers' Comp Diagnostic evaluates your loss history across nine key metrics. For each metric, we compare your experience across Willis Towers Watson's proprietary database of claims and exposures, diagnosing your strengths and weaknesses. The tool does not just diagnose, but also evaluates the projected savings created by various prospective cost containment solutions and the resultant impact to EBITDA.
Our refined evaluation of your claims efficiency:
- Goes beyond benchmarking: it evaluates your experience relative to the baseline based on your specific industry and geographical profile
- Lists your top causes of loss and evaluates patterns in the data helping you identify loss drivers and rectify process gaps
- Immediately quantifies the benefit of pre and post loss customized cost containment solutions based on your loss experience and risk profile
Why should you use Workers' Compensation Diagnostic?
- The Workers' Compensation Diagnostic can be used to analyze claims and safety practices and identify areas for improvement to minimize future losses.
- This tool provides a scorecard of claims experience with peer comparison based on your state and industry mix.
For whom is it appropriate?
- To assess financial benefit of claims solutions, the Workers' Comp Diagnostic is ideal for clients with expected workers' comp retained losses of at least $2 million.
- This tool is also useful as a claims scorecard for any clients with average annual losses in excess of $100K.
What geographies does this tool support?
- The Workers' Comp Diagnostic supports clients with employees in the United States, meaning the 50 states and Washington D.C..
When should you use Workers' Compensation Diagnostic?
- Use this tool to evaluate your retained loss experience when planning for budgets, accruals, and insurance renewals.
- Use throughout the year to identify trends and to evaluate internal and third party claims vendors.
What can you do with the information gained from Workers' Comp Diagnostic?
- Implement procedures to reduce Workers' Compensation costs.
- Evaluate specific prospective pre and post loss claims management solutions