We provide staffing agencies the tools and information they need to make informed decisions that align with their business plan.
Staffing agencies face a challenging set of risks and exposures due to the fluidity of their workforce and lack of supervisory control at client sites where employees are placed. In fact, workers’ compensation and other liability claims are some of the highest costs these firms incur. However, it doesn’t have to be this way. At Odell Studner, we provide staffing agencies the tools and information they need to make informed decisions that align with their business plan—resulting in fewer claims and higher profit margins. We combine our deep industry knowledge with a proactive, performance-based approach to ultimately help you to make better business decisions more quickly.
Our established streamlined process allows us to set the foundation for successful interaction between you and your dedicated risk management and insurance team here at Odell Studner.
STEP 1: Best Practice Assessment & Market Analysis
We kick off your company’s “improvement process” by evaluating where you are today in order to determine effective next steps. Components include:
- Data collection
- Corporate interviews
- Field interviews
- Data analysis and benchmarking
- Loss analysis and program structure feasibility analysis
STEP 2: Findings & Recommendations
Risk Management Program and Business Strategy Alignment
To be successful, a risk management program must complement business strategy. Our objective is to make certain your company is taking the right risks with the right level of exposure. Your organization must share a common language around risk, and your risk profile must align with your share/stakeholder objectives.
Resource Identification and Allocation
We help you apply a consistent risk appetite throughout all of your business decisions in a way that maximizes share/stakeholder value.
STEP 3: Long-Term Strategy Development
Our team helps you to build a solid multi-year strategy that is backed by your company culture and that ultimately increases profitability.
STEP 4: Service Plan Creation
The development of a service plan provides both relevance and accountability for all stakeholders involved. We publish agreed upon goals and timelines, define roles and responsibilities, and set metrics against which to measure performance.
STEP 5: Stewardship of Risk Management & Insurance Strategy
With the service plan as a foundation, we set periodic reviews of established performance metrics to ensure consistency in your original risk-return profile as well as to adjust for shifts in business strategy associated with internal and external influences.
Our team offers a multitude of services, depending on the specific needs of your staffing agency.
- Service plan workbook
- Odell Studner specifications
- Loaded rate accrual workbook
- Executive dashboard
- Advanced reporting
- Class coding assistance
- Contract review
- Experience forecast/verification
- Loss pick/cost projection
- Reserve analysis
- Collateral tracking/verification
- Paid loss reconciliation
- Retro adjustment/assessment forecasting
- Program matrix
- Best practice assessment
- Certificate issuance/management training and online system
- Claims review prep document
- M&A due diligence (remote and onsite)
A Team Trained for the Staffing Industry
When you engage the services of our Staffing Practice, you acquire an entire team focused on your business—including a producer, account executive, account manager, assistant account manager, risk management consultant and data analyst. Every client account is overseen by one of our company owners, and every team member is trained in insurance and risk management relevant to the staffing industry.
For more information, please contact Kevin Turner.
484.586.3908 | 866.282.9742 | kturner(at)odellstudner.com