Using workers’ compensation data and benefits utilization data together can provide organizations with an overall picture of their health and safety. Employee health and benefit programs and workers’ compensation are often managed separately within organizations. When looked at separately, there could be correlating trends that are missed but are impacting costs on both policies.
How well a company manages risks, carrier relationships and employee health and wellness can directly determine premium costs. Business owners and operators can control costs through strategic and actionable financial analytics.
With the help of detailed analytics, businesses will be able to:
- Benchmark program performance to industry averages
- Identify cost drivers and trends
- Create focus initiatives to increase the total health and wellness of their workforce
- Work toward lowering their experience mod
- Decrease their benefits spend
- Evaluate program design modifications
Using all of the information available for workers’ compensation and employee health and benefits utilization allows you to create a more accurate picture of your total cost of risk and how safety and health programs are impacting the organization as a whole.
For more information on your overall cost of risk, contact an MMA advisor.