Identifying the Right Workers' Compensation Program Design
An energy company with a large deductible program decided to market its primary workers’ compensation policy. The company was frustrated with the renewal process with its incumbent carrier and the lack of transparency regarding the premium components.
Old Republic Risk Management met with the company and broker to discuss the goals and objectives in considering alternative insurers. Because of the company’s strong balance sheet and confidence in its ability to control direct loss costs, it concluded that a higher workers’ compensation deductible would better align with its overall corporate strategy.
Subsequently, we offered a $2M workers’ compensation deductible program, providing the company with substantial cost savings and predictable pricing year over year.
We also detailed the various premium components, allowing the insured to fully understand the overall premiums with transparency. We put forth solutions that enhanced alignment between the company’s insurance program and its overall corporate strategy. By listening to the company’s coverage concerns, Old Republic was able to make the ongoing renewal process predictable and pain-free.