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A New Approach After Non-Renewal
The Client's Challenge
A regional manufacturer's Workers' Compensation carrier refused to renew its policy because of claims frequency and severity. The client chose the Lyons Companies to help address the problem areas.
The Lyons Solution
We met with the management team and the prior insurance carrier and analyzed historical information to determine the actual causes of the problem. Our goal: To develop a loss prevention and claim management service plan that addressed the specific issues impacting both frequency and severity trends, without disrupting the client's normal operations.- The Lyons claims department works closely with the front-line adjusters to make sure the client and the insurer are sharing information that allows the carrier to develop an aggressive action plan to resolve open claims and reduce reserves.
- We suggested modifications to the client's internal claims handling procedures. Employees receive an appropriate response to their situation, while the insurer is able to control expenses.
- The Lyons loss control specialist meets regularly with the client's safety committee to offer additional resources and information.
The new service plan resulted in a reduction in the client's loss frequency of 65% and loss severity of 49%.
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