May 17, 2018

Hanover Stone Partners Creates Practice to Help Employers Control WC Costs

New York, NY – Risk management services firm Hanover Stone Partners recently announced it has established a dedicated, national practice group to help employers manage workers’ compensation costs. Barry E. Thompson, a widely recognized expert with more than 30 years of experience in all areas of workers’ compensation cost management, will lead the new practice.

Known as WorkersComp Guard(TM), the new practice will work in collaboration with employers on tailored solutions to reduce costs and improve claim outcomes. The practice will provide strategies and methods to assess employer safety culture and practices​, evaluate risk financing options, implement best claims management practices​, and leverage data for program measurement and more effective resource deployment.

“For employers throughout the U.S. workers’ compensation represents the largest component of their overall casualty cost of risk, and has become a growing source of pain due to a number of variables that has resulted in double-digit increases in many jurisdictions,” said John J. Kelly, managing director, Hanover Stone Partners. “Under Barry’s leadership, the new practice will leverage the diverse and specialized expertise of our risk advisors and partner firms throughout the U.S. to help clients manage complex workers’ compensation issues and control costs.”

“In an operating environment marked by thin margins, C-level management is realizing that a measurable impact on workers’ compensation costs can improve overall financial performance,” said Mr. Thompson. “WorkersComp Guard(TM) is totally independent and therefore brings an exceptionally unique alternative for employers who feel failed by the delivery system and have hit a wall in working with their vendors to lower costs. We apply insight, analytics and validation to tailor programs allowing employers to control the process rather than be controlled by status-quo. When we help change the paradigm employers experience measurable impact on costs.”

In addition to leading Hanover Stone Partners WorkersComp Guard(TM), Mr. Thompson concurrently is president of Risk Acuity, LLC, a national consulting firm specializing in workers’ compensation, which he founded in 2002. Previously, he was National Practice Co-Leader with Deloitte where he co-founded the firm’s National Disability Management Services Unit. Earlier, he was vice president and managing consultant with Aon, where he was among the founders of the Aon Management Institute, a practice built around workers’ compensation cost containment and education.

He began his career with Liberty Mutual where he became senior claims adjuster before joining Marsh in 1986 as assistant vice president and claim account representative. He also served as a claim manager with Air Express International. Mr. Thompson earned a B.S. degree in communications and public relations from Syracuse University.

Source: Hanover Stone Partners

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