Wallingford, CT (PRWEB) August 12, 2013
The traditional insurance market typically offers employers only two options for how they treat on-the-job injuries:
1. Guaranteed cost, first dollar workers compensation insurance, and
2. Self- insurance or large deductible programs where the employer assumes liability for the first $500,000 or so of each and every claim.
Under option one, employers have little incentive to prevent on the job injuries as well as zero control over how claims are managed. Option two involves the employer taking on an amount of risk that would be too large for 99% of all organizations.
The WorkPlace Solution introduces a group captive insurance solution that provides employers a more cost effective way to assume more responsibility and control in managing risk and lowering the cost of claims. It is extremely straight forward:
1. Provide our workers compensation clients with significant financial incentives to prevent occupational injuries through owning part of the insurance company. Captive participants own 82% of the company.
2. Give these clients state of the art tools to control losses and manage those claims that do occur to their lowest possible level.
According to Rob Romano, President of The WorkPlace Solution, "While this program is not for everybody, employers who are a good fit will benefit from a comprehensive suite of workers compensation services that are typically provided only to the largest companies."
Underwriting criteria include:
- $100,000 in workers compensation premium or more
- Management must have safety mindset and very good safety controls in place
- Very good loss experience for past five years
- Solid balance sheet
Qualified employers not only get to share in underwriting profits and gain access to the most advanced risk control software available, but "our telephonic nurse case managers – many bilingual − are licensed Registered Nurses well-trained in evidence-based medical guidelines and also have the ‘bedside manner’ that fosters positive outcomes. We call this approach S.P.I.C.E.:
- Simplicity - focus on using simple, clearly understood medical terms with all injured and sick employees. Problems occur when uncomplicated conditions are treated and communicated in a complicated manner.
- Proximity – maintaining patient’s normal daily routine and keeping treatment as local as possible fosters improved outcomes.
- Immediacy – when something is worth doing, it’s worth doing now! Avoid delays in treatment and in returning employees to modified duty.
- Centrality – all involved in the treatment and management of injury and employee have return to work as the single common goal.
- Expectancy – positive expectancy supports injured workers’ prompt and full return to work."