The RiskAware Process
The RiskAware Process touches both the executive and operational levels of an organization. With its hands on approach, RiskAware will identify areas of high risk and through the use of proprietary resources will create a customized service plan for each client. Each service plan will identify each risk, proactively contain it or target it through loss control, then provide a recommended solution and implementation plan.
The RiskAware claims consulting process has a distinct advantage over that of independent claims consulting firms due to our direct working relationships with the insured’s brokers of record. This enables our staff to have direct access to most workers compensation claims systems and the loss data. Which enables us to partner with the insured and broker to proactively impact the claim lifecycle and overall costs on the mod affecting workers compensation losses.
Claims per million is calculated as (Number of Claims/Payroll) x $1M
The RiskAware Process leads to proven results. The left exhibit shows the immediate impact of the process on an organization. Using claims frequency as a measure of scale, RiskAware reduced the number of claims per million dollars of payroll from an average of 7.9 claims per million to 3.6 claims per million in only 1 year. After year 1, frequency continues to trend downward with payroll exposure increasing significantly.