Focused Loss Prevention Services
Self-insured funds view the cost of risk management and safety initiatives as an investment, not an expense, and therefore invest substantially more in loss prevention services than commercial insurers. Also, the homogeneous nature of the program’s membership means the loss prevention focus is narrow and specialized, tailored to the unique exposures of its members. Through prudent loss prevention investment, long-term results are improved and the ultimate total cost of risk is reduced.
Specialized Claims Services
As it relates to workers’ compensation, close familiarity with their members’ exposures allow self-insured programs to be pro-active in managing claims, returning injured employees to work, and reducing the overall cost of claims.
Professional & general liability group programs are committed to timely and cost-effective identification, investigation, evaluation, mitigation, and resolution of claims. Maintaining lower case counts than a commercial insurer, consultants are able to regularly attend depositions, mediations, and trials.
Members Have a Direct Say in How the Program is Run
Members serve on the board of directors and various committees. These service opportunities give them influence in determining policy and direction, including rate setting, refund policies, and expansion of targeted services.
The program’s rigorous underwriting process allows only those organizations that meet strict criteria to join the group. Prospective members with greater exposure or poor loss experience, or who are unable to follow the program’s claims and loss prevention requirements are denied membership. This results in consistent loss results from year to year and helps minimize wide fluctuations in costs.
Emphasis on Education and Improving Internal Processes
Members that utilize the program’s educational offerings, specialized risk management services and focus on managing risks enterprise-wide can reduce their cost of risk by developing an organization-wide culture of safety.
The data gathered by the program allow members the opportunity to compare their claims experience against peers. This permits members to both identify areas for new or improved risk management initiatives, as well as provide the data needed to garner support for related capital expenditures.
Commitment to Meeting Members’ Needs
Commercial insurers typically decide to enter or leave a market, or to expand or cut services, based on whether they can earn a profit doing so. That is why it is not unusual to hear of a commercial insurer leaving the state or placing a moratorium on writing new coverage. In contrast, self-insured programs exist only to serve their members and make decisions based on what is best for their members. Because of their single-industry focus, self-insured programs are known for their stability, customer focus, and lower costs in the long-run.
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