An energy company with a large deductible program decided to market their Primary Workers’ Compensation Policy. The company was frustrated with the renewal process with their incumbent carrier and the lack of transparency in the premium components.
Old Republic Risk Management (ORRM) 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 their ability to control their direct loss costs, they concluded that a higher Workers’ Compensation deductible might be better aligned with their overall corporate strategy.
Subsequently, ORRM offered a $2M Workers’ Compensation deductible program, providing the company with substantial cost savings and predictable pricing from year to year.
ORRM also detailed the various premium components, which allowed the insured to fully understand the overall premiums with the desired transparency. ORRM put forth solutions that enhanced the alignment of the company’s insurance program with their overall corporate strategy. By listening to the company’s coverage concerns, ORRM was able to make the ongoing renewal process predictable and pain free.