How to Generate Value in Your Risk Management Program

Defining the value of risk management is something risk managers are faced with on nearly a daily basis. Whether it’s characterized as pure savings, cost avoidance, brand protection, or creating a better framework for more informed strategic decision-making, value means something different to everyone, but is essential to a successful risk management program. During this session at the 2018 WCI conference, three different speakers describe how they define value in their organization, and how they communicate their value proposition.

The panel included:

Sharon DelGuercio, Provider Relations, Walt Disney World Resort

Michelle Middendorf, Workers’ Compensation Manager, Stanley Steemer

Nermine Demopoulos,Vice President of Risk Management, Marriott Vacation Worldwide

Max Koonce, Sedgwick (moderator)

Question: How do you define value for your claims administration process?

Answers:

• Protect that brand reputation.
• Dial down components of the program and create a different set of measurements such as turnaround time for phone calls.
• Advocacy based model – think about that injured worker first.
• Early intervention

Question: How do you define value as to the resources utilized for administration process?

Answers:

• Quality of the data from predictive analytics. The information out is only as good as the information put in on the front end.
• Create a short questionnaire before the data is entered to assist in the custom predictive analytics. This will help the adjuster field other questions and concerns. Might be able to eliminate headaches on the back end.
• Create an engaging environment for all individuals involved in the claim process including injured worker

Question: What role does “value” play in the concept of appropriate medical for workers’ compensation claims?

Answers:

• Strive to be proactive and create a trustworthy environment of medical personnel. This allows them to build and create lasting relationships with these physicians. They know and understand our company.
• Stay focused on outcomes.
• Create “Centers of Excellence”

Question: What and how do you utilize data analytics to determine value for your overall risk management program?

Answers:

• Take analytics back to operations team to make sure each service line is priced correctly to make sure we can cover some of these injuries that are seen.
• Look at trends and show the data to the safety team and see how you can prevent these injuries from occurring.

Question: What do you communicate to your external partners as to the value they bring to your risk management program?

Answers:

• Hire the best provider to ensure the best care and value, setting the vendor up for success and making them feel like part of the company team.
• Take are great deal of time to make sure vendors understand your operations and what’s important to your company and CFO. Understand who you are as an organization.
• Show your vendors real life examples of the tasks your employees are doing so they understand exactly what your employees are doing.