Risk Management – Benchmarking
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| Fact: | Better than 90% of all self-insured employers could reduce their workers' compensation cost! |
Benchmarking services
5Star Workers' Compensation Program was founded in April 1988. Our mission is to provide innovative solutions to our clients for managing and controlling their exposure to workers' compensation risks. We partner with Midwest Employers Casualty Co. because their focus is similar.
Since 1986, Midwest has been collecting data and developing actuarial models to assist them in evaluating risks relating to excess insurance coverage for self-insured employers. This cumulative database now provides the source for benchmarking, and allows companies to compare their workers' compensation programs to like entities with the exact same exposure to risk!
Midwest's analysis of hundreds of self-insured workers' compensation programs has revealed the following:
The Best Practice Benchmark
Land of The Few
Conclusion: Clearly better than 90% of all self-insured employers could lower their workers' compensation cost.
Midwest is now providing this benchmarking tool in several new products:
BenchComp – Management View
is a high level analysis of an employers workers' compensation program that provides a general "peer comparison" and insight into the effectiveness of the current program in controlling cost. Frequency, severity and total cost are evaluated.
BenchComp – Diagnostic
is a detailed benchmarking analysis that enables us to separately evaluate the effectiveness of the specific processes within the program (as many as 37 different variables are analyzed).
Contact Us for a free consultation.
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Contact 5Star Workers' Compensation Program
877.247.9772
marketing@5StarSP.com
5Star Workers' Compensation Program
906 South Kirkwood
St. Louis, MO 63122
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