In an earlier post, we wrote about the ways in which companies go about reporting the incidents that spawn claims. And we recounted a conversation we’d had with a prospect on the subject of that reporting.
We recalled that post and that conversation in a more recent exchanges with another prospect. That made us think about what kind of risk-management reporting some companies might be getting. More important, it made us think about the extent to which many companies settle for what they’re getting.
Here’s a transcript of the exchange:
Us: What kind of risk-management reports do you get from your TPA or from your claims system?
Them: You mean loss runs or summaries?
Us: No. Risk-management reports. You know, the kinds of reports that would let you identify loss trends and such.
Them: Oh, you mean like reports of accidents, injuries, and stuff like that?
Us: Uh … not exactly. We were thinking more along the lines of reports that break down losses by type, by individual, by activity, by geography, and a number of other factors that could help you mitigate your risks and costs.
Them: Gotcha. You’re talking about the kinds of report that would help us improve safety, reduce the probability of accidents, and minimize our exposures.
Them: Whew. Now we’re on the same page.
Us: Precisely. So, now that we understand our terms, what kind of risk-management reports do you get from your TPA or from you claims system?
Them: We don’t get anything like that.
It Doesn’t Have to Be That Hard
If you find yourself in a situation in which you’re not getting the risk reports you need to manage your risks adequately, you can do one of three things:
- Ask your TPA for them.
- Ask your risk manager for them.
- Get a system that will generate them for you on demand.
We know what we’d do. But we’re biased because we know how easy it is to get the reports you need.
If you’re ready to find out just how easy, we’d love to talk with you.