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.
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.
Step 1: 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.
Step 2: 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.
Step 3: Execution & Reporting
Many clients rely on us to execute and hold them accountable for their risk management strategies. We offer an array of enhanced services, including:
- 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
Step 4: Improvement
Odell Studner offers a variety of risk control consulting services to help you reduce your exposure to risk and the steep costs that accompany them.
Loss 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
- 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
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.
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.
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.