Client Results - Casualty Success
Beecher Carlson Partners with
Fortune 500 Manufacturer to Lower Cost of Risk by over 30% and Heighten Corporate Visibility of Risk Management
A Fortune 500 manufacturing company had experienced a difficult workers comp insurance loss history leading to excessive loss costs. A new risk manager was hired to overhaul the Company’s internal process. The risk manager knew that she needed a new broker partner; a broker with specialized expertise in reducing the cost of workers comp insurance claims and integrating those efforts with a marketing approach that would assist in funding the cost of the project.Beecher Carlson teamed with the risk manager to develop a targeted action plan to reduce loss costs. We produced our findings to establish the program with the Company’s Board of Directors creating the momentum needed to support the risk manager’s efforts. Prior to the program’s execution, we engaged their insurer’s senior management to request their support through reductions in premium and collateral, illustrating the expected quantitative impact of the Company’s loss reduction program.
The results: within a year, workers comp insurance loss costs have decreased by over 30%. Premium and collateral has been reduced substantially and the risk manager’s initiatives have been embraced throughout the Company.
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