Manufacturing Dividend
Business Issue
OVD engaged a large manufacturing company with a plan to address their adverse experience mod. Themanufacturer had been with the same agent for over 20 years and had an experience mod of over 1.60for the last 7 of those years. Looking for a fresh approach to claims and risk management, the manufacturerdecided to partner with OVD.
Action Plan
The OVD team worked closely with the client's senior leadership team to develop a plan focused onreversing the trend of increasing workers' compensation costs. The plan included:
The Plan :
_01 Conducting a Risk Control Assessment to help identify and prioritize the action plan
_02 Formalize a Safety-Committee and have OVD participate as an active member
_03 Train all supervisors on Job Hazard Analysis (JHA)
_04 Conduct an Ergonomics Assessment and training at all locations
_05 Continued recurring training for all supervisors
The Agent and Claims Team at OVD focused on educating the client and establishing a claims management process that included:
• Early reporting of all claims
• Establishing and educating supervisors on a transitional return to work policy
• Create a light duty job bank that could accomodate almost all restrictions
• Recurring claims review meetings
Result
The hard work began to pay off for the client after year one - OVD presented a Dividend Workers' Comp
program which ended up paying back 23% (just over $71,000) of the total annual premium. The experience
mod continued to decrease in each new year. Within 4 years, the client's experience mod dropped from a
1.74 to a.63 - which resulted in their Workers' Comp cost decreasing by over 65%.
Download the Manufacturing Dividend Case Study here.
Disclaimer: Individual results will vary.
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