Take control of workers’ compensation costs
Take a proactive, cost-cutting approach to workers’ compensation with direct access to WTW Workers’ Compensation Diagnostic.
While dynamic workers’ compensation risks can be difficult to identify, quantify, and mitigate, WTW's software helps you quickly identify what’s driving your workers’ compensation costs, diagnose the most efficient ways to address these issues, and visualize the financial impact of these recommended pre and post-loss measures.
Workers’ Compensation Diagnostic also gives you early warning on the open claims that require your urgent attention to prevent greater losses.
How Workers’ Compensation Diagnostic can reduce your costs
The software enables proactive ownership of workers’ compensation costs by:
- Evaluating your loss history, comparing your experience with WTW's proprietary database of claims and exposures, calling on millions of datapoints
- Diagnosing your strengths and weaknesses, identifying areas, such as process gaps and resources, where your additional attention and resources could have the most impact
- Projecting the financial impact of recommended cost containment actions to reveal the most efficient plan
- Forecasting claims and the financial benefits of claims services over a three-year horizon.
If your current broker is not regularly interrogating your workers’ compensation costs and the efficiency of your existing program, we expect you could recognize potentially significant cost savings using Workers’ Compensation Diagnostic.
How Workers’ Compensation Diagnostic reveals cost savings
WTW’s results-orientated software evaluates nine different claims metrics.
We compare these metrics to a benchmark, a virtual peer we create to reflect your industry and other variables specific to your organization.
Workers’ Compensation Diagnostic both makes recommendations to contain your costs and quantifies the savings these improvements could deliver over a three-year period.
Evaluating the financial impact of changes to your workers’ compensation program
With Workers’ Compensation Diagnostic, you can understand the financial impact of implementing the risk controls and program improvement recommendations ahead of making decisions. The tool analyses both the impact of pre and post-loss improvements.
Workers’ Compensation Diagnostic gives you the impact of pre-loss and post-loss costs adjustments in terms of:
- Current annual cost or current cost
- Annual savings or potential saving
- Three-year EBITDA impact.
When should you use the Workers’ Compensation Diagnostic?
You can use the software to evaluate your retained loss experience when planning for budgets, accruals and insurance renewals, or use it as part of your quarterly reports cycle to stay ahead of changing risk profiles, risk hot spots and program optimization opportunities.
Get in touch with our workers’ compensation risk analytics specialists.
Disclaimer
Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
