Top 10 Self Insured Resolutions – 2017 and Beyond
The self insured resolutions for 2017 is an update of the last three years. I used to write resolutions for the voluntary marketplace only until a friend of mine asked about self insured resolutions. Many of the recommendations center around your Third Party Administrator (TPA).
I have tried to write a large number of articles for self insureds over the years. The following are the Top Ten for 2017 – some will be reiterations of 2016 with a twist or two:
- Obtain and know your LDF (Loss Development Factor) – As in Google Maps, you have to know where you want to start from if you are trying to find directions. If you do not have an LDF you need one NOW. Call me or email me if you do not have one.
- Working relationship with adjusters – know their names and let them know what you are doing in the areas of the Six Keys To Workers Comp Savings. Think of them as remote contracted employees.
- Use email – not phone calls
Wikimedia Commons – Pete O’Shea – written documentation is paramount. Your adjusters – see #2 will appreciate limiting inquiry phone calls.
- Conquer Your TPA expenses – review your TPA contract, use #3 heavily if you have questions on what you were charged to handle your claims.
- Watch the Learning Curve for Accident Spikes – Safety is so very important here. If the economy picks up under President Trump (assumption), the first time someone uses a machine, drives a new route, etc. is when a large % of accidents occur in the workplace.
- Use online access when available – Accessing your claims information online is a real-time and headache saver. Combine this with #3 above to keep your communication time dedication lower.
- Attend A Workers Comp or Safety Conference of some type – there are many mentioned in these articles, use the search box to see about upcoming or past, the things you will learn are astounding such as new vendors or technology upgrades.
Wikimedia Commons – User:Steevven1 - Subscribe to our weekly Newsletter – free and to the point, subscribe using the box at the top right, we do not sell or rent out our mailing list, never. Yes, a self-serving one.
- Obtain Your Loss Runs and memorize them – know the who, what, when, where, how, and why of all your accidents. See #6 for the best way to obtain loss runs.
- Write an article on Workers Comp – even if it is just for your internal company news. I have learned so much in writing articles over the years. Try it. You will like it. Feel free to reference and use the 1600+ articles in this database. Use the search box for any subject. I am not the greatest author on the planet, but I had to start somewhere.
The list could go on and on – these are just off the top of my head. Speaking of newsletters, I have to get one out now. Thanks for reading the Top 10 Self Insured Resolutions for WC. Comments are cheerfully welcomed.
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