Better Loss Run Reporting Supports an Improved Total Cost of Risk
Better Loss Run Reporting Supports an Improved Total Cost of Risk
Just as a balance sheet will help you understand the financial strength and capabilities of your company, a good loss run report can guide your risk management program in developing risk management plans, tracking the results of risk management efforts, identifying problem areas and projecting costs.
A basic loss run report offers only minimal information making it difficult to evaluate and improve your company’s injury management process. You should expect a more comprehensive report for all lines, something which will provide you data you can act on to improve your Total Cost of Risk
Additionally, timeliness of reporting claims is key, particularly for workers’ compensation claims. There is a significant statistical correlation between claims costs and timeliness of reporting.– faster is better.
Delayed reporting (in excess of 3 days to report the majority of claims) can result in higher costs. Insurance carriers view this as a red flag, as a system out of balance, creating a higher risk leading to higher costs. The best practice is to report all injuries within 24 hours of when they occur.
To schedule a meeting with your KMRD Partners Relationship Manager to review your company’s loss run reporting, call us at 866-957-KMRD (5673) or send an email via the contact form available https://kmrdpartners.com/contact/
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
For more on Workers Compensation Risks, Click Here.
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To identify and correct coverage and service gaps in your business insurance risk profiles contact us at contactus@kmrdpartners.com before one minute from normal strikes.
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