Risk Control Services
In the United States, Lockton offers resources focused on loss prevention and
loss mitigation which represent significant ways in which companies can better
manage their costs. Our in-depth approach to minimizing risk and claims includes
designing, developing, implementing and proactively monitoring programs in
three areas.
Please click the links below for more information:
Loss Control
Claims Cost Control
Claims Management
Lockton Service
The key to our success is working in close partnership with each of our clients. Our specialists take time to listen and to understand your specific goals so that we deliver insurance solutions tailored to your requirements. This approach has earned us the trust of clients all over the world.
The same team that designs, negotiates and implements your business insurance plan with the carrier is also responsible for managing your service needs. This dedicated team approach increases our understanding of your business, allows us to anticipate your needs, and creates accountability and ownership by the team throughout the entire process.
Most insurance brokers promise a high-level of personalized service, but our unique structure allows us to actually deliver on that promise everyday. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
We firmly believe we get business based on our expertise, creative solutions and outstanding service. Just as importantly, our client retention rate of 95 percent reflects our commitment to each and every client.
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Success Stories: |
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Work comp cost reduced for a major retail chain
A major retail store chain had experienced tremendous growth, opening 50 stores in one year. Workers’ Compensation costs were spiraling out of control and without a consistent approach to handling claims, senior management was taking notice.
Lockton’s Claims Cost Control Consultants collaborated with the company’s Director of Risk Management to accomplish the following: advertise and hire an outsourced Injury Counselor, develop a business plan, mentor the Injury Counselor, develop a temporary transitional-duty culture, and monitor the Injury Counselor’s efforts through a customized software program.
Within a one-year period, Lockton’s Claims Cost Control Consultants were able to reduce the company’s average workers’ compensation costs by 10 percent and l ost-time days by 47 percent.
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$2.9 million reduction in loss costs for a national healthcare system
The recently hired Corporate Insurance Manager wanted to determine Workers’ Compensation best practices and enhancements opportunities for an entire national healthcare system. Lockton Claims Cost Control Consultants conducted site surveys at each hospital with recommendations for each location and a system-wide business plan.
Each of the hospital’s Workers’ Compensation Coordinators attended Lockton’s Injury Management training seminar. A customized software program was installed at each hospital to help them take a systematic approach to post-injury management and produce meaningful reports.
The result was a $2.1 million reduction in ultimate projected Workers’ Compensation loss costs over an 18-month period. In addition, $3.9 million in credits were offered to affiliate hospitals over a three-year period after implanting the Claims Cost Control program.
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Cost per claim reduced by 29.4%
A publicly-traded truckload hauling company’s Workers’ Compensation costs were accelerating toward $30 million. Up to this point in time, the company’s Workers’ Compensation program was largely focused on vehicle accident reduction.
Lockton’s Claims Cost Control Consultants championed senior management for change by helping the company balance their loss prevention efforts more equally between driver injuries and vehicle accidents. Internal loss prevention and post-injury management task forces allowed Lockton to successfully lead a training program for fleet managers and a transitional-duty task force which accommodated drivers to heal on the job.
Within nine months of implementation, the company showed a 29.4% decrease in average cost per claim.
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Collateral requirement reduced for large construction client
The Lockton claims department was approached by a large construction client and asked to review their legacy claim program, being administered by a large national carrier, and to make recommendations about the accuracy of the reserves and the aggressiveness of the action plans that were in place. The client had concerns because their internal auditors believed it would take $18 million to finalize the claims, and the client had seen little activity on the claims.
The Lockton claim consultants reviewed 110 liability and worker's compensation claims and as a result of the recommendations provided, the client experienced a reduction of 42 claims, or 38% of the open inventory. More importantly, because of the resulting reserve reductions, the carrier reduced the client’s collateral requirement from $18 million to $8 million.
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