Sustainable cost reduction for workers’ compensation
Lockton 360
Sustainable cost reduction for workers’ compensation
Although many organizations purchase workers’ compensation insurance, much of the risk stemming from workplace injuries is retained by employers. Effectively managing these costs — among the most costly for businesses — is crucial to balance sheet stability.
Through Lockton 360, employers can obtain targeted performance indicators, calculated ROI for implemented strategies, and regular monitoring to ensure their workers’ compensation results stay on track. Lockton’s analytics and risk consulting specialists partner with organizations to optimize workers’ compensation programs, bringing an understanding of the complex factors that influence workers’ compensation outcomes to deploy the right strategy at the right time to address the right problem.
Lockton's approach builds strong communication among all stakeholders, who work together to create a blueprint for the effective direction of resources, a safe and supported workforce, and long-term workers’ compensation savings year after year. Our consultative approach prioritizes outcomes over activities, so your organization sees the most meaningful impact for the effort you put in.
What can you expect from a Lockton 360 process?
Getting to know a client’s business: We spend time with key stakeholders to understand philosophy, culture, and priorities.
Quantitative evaluation: Using analytic tools such as Lockton INSIGHT, we explore the main drivers of claim volume and cost throughout the last 5-10 years and compare outcomes to a customized industry benchmark. We also ask critical questions and improve understanding as we move toward a targeted action plan.
True problem-solving: Lockton’s claims and loss control consultants collaborate with you to assess the effectiveness of claim handling, safety practices, operational controls, reserving, managed care, return-to-work protocols, and litigation management, peeling back layers to find the root cause of the data trends we’re seeing. We’ll recommend targeted strategies to address your unique challenges, and partner with you to implement and monitor success over time.
Our consultative approach prioritizes outcomes over activities, so your organization sees the most meaningful impact for the effort you put in.
We’re here to help
We want to help you identify the workers’ compensation solutions that will be right for your organization, driving positive financial impact and a safer workforce.
Talk to our team