For larger employers who deploy loss sensitive rating plans (high-deductibles, retro-rated plans, or self-insurance) for their workers compensation protection, the buying decisions and management of a protection program can be complex.Unfortunately, your insurer, third party administrator or managed care organization may be in your pocket, without your knowledge, siphoning profits from your bottom line.
Hidden fees, double dipping, murky transparency and mis-aligned incentives are only a handful of the problems weâ€™ve uncovered with large loss sensitive rating plans.
In response, weâ€™ve created a unique audit process that has:
Want to learn more on how we can help you wring these excessive costs out of your workers compensation program, and create better outcomes?Â Give us a call or use the contact form below to connect.
Employers frustrated by the high costs of workers compensation insurance often turn to bidding or shopping their account out to a handful of brokers every few years to make sure theyâ€™re getting the â€śbest dealâ€ť the marketplace can offer them.Â But frequently are disappointed with the results.Â And, on top of that, the chaos typical created by the bidding/quoting process only adds more frustration and complexity for you.
The reason the bidding process fails to reduce costs sufficiently is because it is fundamentally flawed.Â Itâ€™s not your fault â€“ itâ€™s the insurance industryâ€™s fault.Â For too long, brokers have convinced middle market buyers that leveraging competition will result in lower costs.Â Unfortunately thatâ€™s simply not true and hereâ€™s why: the cost drivers embedded in your workers comp policy cannot be changed in the last 90 days of your policy period when the shopping and bidding takes place.Â During this quoting window your costs are almost fully â€śbaked intoâ€ť your renewal.
To create significant savings and â€śfixâ€ť what is broken with the workers comp system you need to take a broader and longer view of the contributing costs factors.Â This is why we created CompControl360.
As this graphic illustrates, workers compensation is a multi-faceted and complex system.Â Most insurance brokers will lead you to believe that cost reduction is a matter of finding the lowest rate, which is simply not true!Â To achieve significant change you need to address most all of these factors.Â CompControl360 was designed to provide employers with a 360 degree view of workers compensation and give you the solutions to these complex and vexing issues.
If you feel like youâ€™re trapped in a system that works against you, youâ€™re not alone.
Then CompControl360 is for you.Â To find out more, contact me: Gordon B. Coyle the creator of CompControl360 for more information on how we can help you.