Risk Management Consulting
To compete most successfully at what you do, you must manage your company’s risk, and you must do so methodically. Without a solid risk management program, unplanned issues can slow progress, eat up cash or halt productivity altogether. With it, you can protect your company’s profitability, reputation, and stakeholder value.
Insurance Risk Management Consulting
Our risk management consulting expert can evaluate your current exposure and develop a comprehensive risk transfer strategy to help you control cost and ensure compliance. We work with your organization to understand your greatest potential for exposure and minimize risk. Our consultation includes identifying the correct insurance coverage.
Risk Management Consulting services include:
- Risk management assessment
- Mitigation strategies
- Loss control services
- Insurance broker selection services
- Coverage gaps analysis
- Disaster recovery plan
- Merger or acquisition due diligence support
- Insurance policy advisement
- Risk management programs
At Odell Studner, our goal is to put a risk management plan into action for your company that prevents and/or reduces risk. Our team excels in developing strategies that help achieve a competitive advantage while ensuring a secure future.
Knowledge Building & Evaluation
Our engagement begins with a best practices assessment to determine if your current program meets industry benchmarks and standards. We conduct in-depth interviews with your team to gain a full understanding of your operations. We gain an understanding of where your program is currently effective and where there is room for improvement.
Strategy & Key Performance Indicators (KPIs)
After thoroughly analyzing your operational policies and procedures, we deliver a detailed assessment and strategic approach to control risk. Our customized report fully outlines KPIs to measure progress toward your strategic goals. You’ll have a firm step-by-step process to move forward with no guesswork or room for error.
Execution & Reporting
Clients rely on us to execute and hold them accountable for their risk management strategies. Our enhanced services include:
- Hands-on support in program implementation
- One-on-one mentoring for risk managers
- Operational best practices training for staff at all levels.
- Advanced monthly reporting of loss trends and profitability
- Coordination of risk, safety, claims and risk-related services.
Improvement
Successful risk management programs are consistently reviewed and improved upon. Relying on information gleaned from reporting as well as changing industry regulations, we work closely with you to ensure your risk management program remains up-to-date, powerful, and effective.
Risk ControlLoss History Analysis
Our team begins with a full analysis of your organization’s loss history to understand where and how your losses occur. From here, we formulate a strategy to help you minimize your claim expense in both the short and long term. Our step-by-step loss control service plan targets your specific conditions and pinpoints options to truly impact your insurance and claim expense.
Implementation & Monitoring of a Risk Control Service Plan
Odell Studner offers customized services to help you reduce your claim frequency, severity and expense. Services we provide include:
- Implementation of employee and supervisory training activities
- Utilization of proper safety practices
- Accident investigation
- Written safety programs
- Incentive programs
Risk management involves understanding, analyzing and addressing risk to make sure organizations achieve their objectives.
- Employee safety talks
- Driver training and monitoring
- Industrial hygiene support
- Safety videos
- Supervisory training
- Safety cost benefit analysis
- Ergonomic assessments/evaluations
- Return-to-work programs
- Loss analysis and injury investigations
- Facility and construction jobsite evaluations/surveys
- Material handling assessments
- Emergency response and evacuation plans/disaster recovery
- Property/building assessments/appraisals
- Lock out/tag out training
- Business interruption/business continuity planning
- Vendor qualifications and certificate review
- Product safety review
- Certification of safety committees
- Forklift certification
- Hazard communication
- PPE training
Claims Management
Whether you’re purchasing guaranteed cost insurance, assuming significant deductibles or self-insured retentions, or participating in a group captive or risk retention group, the key to cost control after a claim occurs is managing your claim expense. At Odell Studner, we believe in an aggressive, proactive approach to claim management and offer comprehensive, responsive services tailored to your needs. Each client has a dedicated claims representative, along with a director of claims who oversees the department. We also have a risk management consultant, who is available to meet with you to discuss loss control issues. In times where a legal perspective is needed or desired, our general counsel is prepared to assist you.
Claim Analysis
If your goal is to reduce your risk to exposure but don’t know where to start, we can help. We provide a detailed claim analysis to help you determine where you should direct your resources. You can rely on our expert team to analyze your claims for trends and other key information, identify common sources of claims and pinpoint deficiencies that need to be addressed.
Managed Care Services
Odell Studner offers managed care services to our clients at negotiated discounted rates through select partnerships. We offer an extensive selection of proactive managed care services from beginning to end and work closely with all parties in coordinating cost-effective outcomes.
Medical and Vocational Case Management
- Medical field and telephonic case management
- Workers’ compensation
- Federal Employers’ Liability Act (FELA)
- Longshore (USL&H/Jones Act)
- Long- and short-term disability
- Catastrophic case management (CAT)
- Vocational assessment/job development
- Labor market surveys/earning power assessments
- Expert vocational testimony
Bilingual Case Management/Bilingual Telephonic Case Management
- Medical and vocational bilingual professionals
- A culturally sensitive approach to case management
- Field case management and telephonic case management services
Other Services
- Medicare Set-Aside (MSA) program
- Medical record review/medical chronology
- Drug utilization review (DUR)
- Pharmacy management program
- Life care planning/lifetime medical cost projections
Claims Procedures & Reserve Review
Through an in-depth review process, our highly skilled claim consultants work to verify that your claims are being handled properly and claim reserves are appropriate, to help you control your claim costs, and to more effectively manage your organization’s cost of risk. Specifically, we:
- Identify claim over-reserving practices
- Act as a second set of eyes with respect to claim handling mistakes and errors
- Serve as a starting place for a proper review of your experience modification rate
- Validate experience data used in the calculation of an experience modification factor
- Provide support when disputing statistical data, if necessary
- Provide litigation support for legal action involving reserve and claim handling practices
Coverage Consultation & Advocacy
In the unlikely event of a dispute with your insurer, our team serves as an effective advocate in helping you receive, on a timely basis, the coverage you purchased.
Consulting Services for Experience Modification
Claim data compiled and provided by your insurer during any given year can have a lasting impact on your workers’ compensation premium. Our expertise and commitment to helping you reduce reserves and claim payments is a valued tool in this process. To help keep your costs under control, our team analyzes and forecasts your experience modifiers and negotiates on your behalf with insurers if errors have been made.
Education & Training
For our clients and their employees, we provide an ongoing series of seminars, webinars and customized training designed to educate on how to handle insurance claims. Our goal is to help you ultimately reduce your claim costs.
For more information, please contact us.
484-586-3900 | RiskManagement@OdellStudner.com