Retail Risk Management

Intense Competition Demands
Lowering the Cost of Risk

More than any other business driver, competition characterizes the retail industry. Globalization, deflation, diversification of sales channels and, most of all, changing customer demands have merged to create a cutthroat environment in which retailers struggle to turn a profit.

Analysts predict that subdued consumer spending will continue for years ahead. Not the news we want to hear. However, retailers can view downturns as an opportunity to operationally improve their business and cut cost. An excellent place to start is in the area of workers comp claims.

Retail Risk Management: Focusing on What Matters Most

With workers comp claims, there’s so much data and it resides in so many systems throughout your company. How do you know where and how to focus? At Beecher Carlson, we hear this question over and over.

For us, the answer is simple. We believe the retail industry’s lifeline is data mining and forward-looking analytics.

Beecher Carlson is the retail risk management broker to leverage the powerful combination of forward-looking analytics and data mining to effectively and efficiently help you dig through and analyze the enormous sets of data you collect and extract the strategic meaning of your data. In addition, you will be able to benchmark yourself against peers in the industry.

To know which actions will drive down your cost of risk, you need a deep and comprehensive understanding of the factors that influence it. With Beecher Carlson’s innovative approach called ZOOM, you empower your organization in ways never before possible:

Executives can accurately determine the drivers of claim severity and adverse claim development – present or future – in time to take corrective action.
Decision makers can simulate real-world scenarios and outcomes by modeling alternative courses of action before important decisions are made.
Risk managers can accelerate the pace of premium and collateral reductions without investing years of time and resources.

Lowering the Cost of Risk for Retailers

At the end of the day, profitability involves both revenue and costs. While we can’t do much to help you drive revenues up, we can help you significantly drive down your cost of risk.

Only by understanding the dynamics and relationships hidden in your claims data and anticipating new ones, can retailers develop ways to differentiate themselves and cultivate distinctive capabilities that help lower the cost of risk.

Call us today and let’s get started.

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