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You’re pretty confident you are doing everything you can to lower your premiums…but are you using your loss run reports to lower costs and improve safety?

Here’s how you can tell.

Check #1: Your data gives evidence you have a culture of trust

Can you determine what percentage of claims have been litigated? Depending on what your loss run reports show, it could indicate you have a strong safety culture or that you have a culture that lacks trust.

After all, if people don’t trust the company, it tends to show up in how often employees seek out an attorney to go after benefits (1). It’s definitely an area to watch and stay on top of.

Think of it this way: you may not have a culture where trust has ever been an issue. But if something has changed, you’d rather spot it early on before it becomes a much larger issue.

Check #2: Your data shows you’re improving safety

Employees have to support safety and be dedicated to safety day in and day out. The data should be able to show proof of these habits.

For example, your data can help you:

  • Develop more relevant and timely overall risk management plans
  • Spot trends and patterns to make changes to minimize and reduce risks
  • Track the results of all your current risk management and/or safety programs
  • Identify underlying issues
  • Show management the ROI of all of these efforts

One thing is clear: your loss run reports can be seen as an objective tool that quantifies where your company is at in terms of safety.

Check #3: Your data is helping you answer “why”

Is your data showing that a certain type or kind of worker (e.g. temporary hires or new hires) are more frequently having accidents? Or is it actually just one employee with repeat claims? (1)

Either way, you want to be sure you can see the “why” behind the data. Your loss run reports, when used with a tool like iReportSource, should be able to give you clear, actionable insights to improve safety—and to save major dollars along the way.

Take Advantage of All the Information in Your Loss Run Reports

With iReportSource’s loss run report import feature, you can easily import all your historical data so it’s organized, categorized, and standardized. That way, you are compliant and you can see actionable insights on safety and risk management.

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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