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Your loss run reports contain a lot of information! Sure, there is the policy number, the term, the premiums paid, and the specifics about your coverage…But there’s also all the details of each loss you had during that report period.

No losses? Well done!

But for companies that do have losses, you need to know how to take advantage of all that data.

Here are 4 things to keep in mind when it comes to your loss runs.

1. The data should tell you about the overall state of your safety culture

How long does it normally take for an incident or accident to be reported? Ideally your report reflects just how serious your company takes any incident or injury.

One strong indicator of that: the average length of time between an incident and when it’s reported.

The first step is being able to quickly see and analyze if your reports are consistently being submitted within 24 hours of any injury. Based on what you uncover, the second step is typically going to be focused on minimizing that incident reporting time so that it can happen as quickly as possible (1).

2. You should know the status of all open claims

Many safety or HR leaders don’t have the ability to see what claims (including what percentage of claims) remain open.

When that information isn’t visible, it’s going to be more difficult to close those claims quickly. And, as the months drag on, the more those claims are going to cost the company.

In contrast, if your data is captured and presented in the right way, you can monitor and resolve these claims (1). Translation: you can reduce your workers’ comp costs significantly when you can put that data to work.

3. The data should tell you about your return to work process

Your lost-time claims are important to know about. What’s also critical is knowing how those claims compare to the total number of claims your company has (1).

The national average for lost-time claims is in the range of 20-25 percent of total claims. If you have a higher percentage than that, you may need to review other policies and procedures related to your return to work process (1).

Again, your first step here is to have the data accessible and at your fingertips. The second step is being able to act on that to improve safety—benefiting both you and all workers.

4. You should be able to uncover your problem areas

Where exactly are these incidents or issues happening? If you’re data is working for you, you can see both the frequency and severity of accidents on a department, team, or job site level.

The aggregate data is important, but you also want to be able to drill down and see your specific problem areas. With that kind of insight, you can focus on improving those areas.

The end goal? Find and eliminate/minimize whatever underlying issues are present in those specific departments.

Address Your Underlying Safety Issues with iReportSource

With iReportSource’s loss run report import feature, you can easily import all your historical data so you’re fully compliant and so that you can get quick, actionable insights on safety.

Just as important: this information is what will populate your OSHA 30 log, so the entire process is much more streamlined and organized thanks to iReportSource. Want to learn more? Request a demo today.

Source:

  1. https://www.workforce.com/2010/02/02/10-ways-to-find-dollars-in-workers-comp-loss-run-reports/
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