Kansas City, MO – Finance executives and risk managers at companies with significant workers compensation programs have new cost saving solutions through enhanced analytics from Lockton, the world’s largest privately held insurance broker. Lockton recently announced the U.S. launch of Lockton Work Comp Claims Outcome Analytics in conjunction with RIMS 2014, the Risk & Insurance Management Society annual convention in Denver, April 27-30.
“Several large companies shared their concerns about escalating work comp claims cost,” said John L. Lumelleau, President and CEO of Lockton. “In response we have created one of the most robust proprietary claims databases and developed a set of innovative predictive and performance analytics. When combined with our team’s expertise, we can help transform our clients’ claims outcomes.”
Lockton Work Comp Claims Outcome Analytics is a set of analytics that help identify workers’ compensation claims not properly measured or currently tracked in the industry. These analytics help transform a company’s approach to the claims process through effective cost-reduction solutions. This set of analytics offer the best value for companies with significant workers comp costs and more than 100 claims annually.
“We first introduced Lockton Work Comp Claims Outcome analytics to a limited group of large clients that were interested in becoming early adopters last autumn,” said Tim DeSett, Lockton Executive VP-Practice Leader. “Our team worked with companies in retail, manufacturing, food processing, construction, telecommunications, healthcare, and staffing. Today we feel confident with the impact we are making for these clients, and are excited to announce a full national launch.”
“Lockton Work Comp Claims Outcome analytics not only reveal and measure what is driving workers comp claims cost, they also reveal why a client is having these results. Understanding the ‘why’ allows us to collaborate strategically with clients and focus on the real drivers and contributing factors to their claims cost,” said Justin VanOpdorp, the Lockton Senior VP who leads Lockton’s analytics initiatives.
“Lockton is helping clients improve their businesses by lowering costs through innovative analytics and strategic engagement,” added DeSett. “We are raising the bar on what companies should expect from analytics and their insurance broker.”