Lockton Cos. LLC has announced the launch of a workers’ compensation consulting framework that the Kansas City, Missouri-based brokerage says will help employers address comp risks.
Lockton 360 combines a suite of analytics with risk control consulting services that can help companies identify, diagnose and formulate cost reduction plans, the brokerage said Monday.
The analytics suite, according to the broker, includes both program-level models and more detailed claims models.
The primary claims analysis, called Lockton INSIGHT, highlights specific drivers of historical frequency and severity in comparison and compares a company’s performance to a custom industry group.
Metrics assessed include geography, cause of loss, litigation and closure rate.
Predictive modeling is also focused on the micro level, Lockton said, while actuarial loss forecasting, stratification and collateral assessment can help offer a macro level of understanding of a client̵
7;s insurance program and where compensation fits within their total cost of risk.Source link
