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Workers Compensation - A People Business

 


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Workers compensation is a “people business. " This concept is simple to say but, too often, difficult to execute - especially given our reliance on technology and mass communications. One workers compensation provider offers insight thanks to their specialized expertise in workers compensation.

Key Risk maintains its sole focus on workers compensation while the industry leans toward bundling multiple lines of coverage. In 2007, Key Risk delivered better outcomes and outperformed the industry significantly.

The company's success is based on their robust, multi-faceted approach to claims management. According to the company, five factors contribute to delivery of more effective workers compensations programs. The factors are:

  • People Needing People Recognize that workers compensation is a “people business. " Focus on a mission that is grounded in a promise that if something happens to an employee on the job, they'll receive due benefits. Secondly, develop loss control programs to empower client organizations to prevent injuries in the first place. Finally, recognize that trust means everything in getting injured parties back to work. Allow nurse case managers to help employees return to work full-time or implement transitional duty programs.

  • Less can be More Develop a better way to manage workers compensation claims. Key Risk links a commitment to lower case loads per claims professional with a responsive claims call center. Focusing on customer service helps to facilitate claims reporting as well as reduces response time to basic questions.

  • “Double Plays" = Taking Out Unnecessary Costs A third factor is expertise in medical bill and utilization review. Integrate the people, expertise and technology needed to reach the best claim outcome while containing medical cost.

  • Life is a Network Applying local knowledge of area physicians and pharmacies adds a multi-layered medical and diagnostic provider network to better address the broad, as well as specialized, needs of injured workers.

  • The Right Stuff - Focus on Key Industries, Regions and Practices Developing highly specialized classes of business and having offices located in key market areas helps workers compensation providers to better understand the particular economic-drivers incumbent to a region as well as competitive factors impacting their businesses.

    Specialized expertise in workers compensation is working for Key Risk. The company's track record of success seems counter-intuitive, especially given escalating medical costs, complex federal and state mandates, and jurisdictional factors. However, regardless of the market conditions, the company is not going anywhere, but up. In fact, you could say the company is actually growing fast by leading the way back to industry roots and taking care of “people. "

    Footnote: *The frequency and severity trend analysis was based on Key Risk Insurance Company data over a 5-year period, which was policy years 2002-2006 with a data evaluation date of June 30, 2007, as compared to NCCI results for a similar five year period.

    **Source: NCCI State Of The Line, May 2008

    Contributed by:

    Kim Doran

    Doran founded Quixote Group as an independent business research and market consulting firm. She is a frequent contributing editor and market trends analyst on information dealing with business practices related to corporate branding, economic development, environmental issues, manufacturing, insurance, transportation and logistics, and may be reached at: 336-544-2406 or kdoran@quixotegroup.com

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