Lockton launches its own workers’ compensation consultation process

Lockton, the world’s largest independent insurance brokerage, today announced the official launch of Lockton 360, a proprietary worker’s compensation advisory system designed to help employers manage one of their most important and potentially costly risks. Losses in workers’ compensation are typically one of the largest controllable costs for any organization and can also affect an organization’s margins, associated costs, and brand. Naturally, the insurance industry has made countless attempts to cut these costs, but the solutions offered have largely fallen short of the stated goals.

Lockton 360 takes it a step further by offering a scalable collaborative process that combines a powerful set of insights with comprehensive risk management consulting services. Led by Lockton’s experienced team of workers’ compensation professionals who have a deep understanding of the internal and external factors that typically lead to workers’ compensation losses and can ask critical questions to identify the specific causes of losses in an organization, Lockton 360 provides businesses with customized diagnoses and business plans. to reduce costs.

“It takes more than just a tool, a dashboard, or a one-time effort to sustainably reduce workers’ compensation costs,” it said. Holly CooleyAssistant Vice President and Director of Payroll Advisory. “Measurable progress is only possible with an understanding of what happened, why it happened, and, most importantly, with an actionable plan for how to make changes. Lockton 360 offers just that to organizations that are struggling to manage their employees’ payroll costs.”

With Lockton 360, employers can get performance targets, calculated ROI strategies we recommend, and regular monitoring to ensure results stay on schedule. The Lockton process also ensures close communication between all stakeholders who share valuable knowledge and work together to create a plan for efficient resource allocation and long-term savings on workers’ compensation year after year.

As an analytics engine for Lockton 360, our Lockton INSIGHT platform uses more than $30 billion in transaction-level data from major workers’ compensation insurers and third-party administrators (TPAs) to compare results based on industry, cause of loss, geography, tenure, age, and a host of other factors. Lockton 360 also benefits from the new Lockton Advanced Claim Targeting (ACT) model, which identifies claims that are most likely to show adverse development in the future.

“Lockton 360, Lockton INSIGHT and Lockton ACT are just the latest examples of Lockton’s ability to innovate to help our clients manage their most pressing risks and leverage limited resources,” he said. Said Taiym, chief operating officer of the United States. “With these tools, we can take the guesswork out of strategies to reduce workers’ compensation costs, helping employers take meaningful action to achieve bottom line results.”