west virginia board of risk and insurance management

West Virginia Board of Risk and West Virginia Board of Risk and Insurance ManagementInsurance Management

““Creating Loss Control Standards”Creating Loss Control Standards”

Jeremy C. WolfeJeremy C. Wolfe

Loss Control ManagerLoss Control Manager

September 17, 2008September 17, 2008

ObjectiveObjective

““To aid you in your efforts of ensuring loss To aid you in your efforts of ensuring loss control is woven into the fabric of your control is woven into the fabric of your

organization”.organization”.

TopicsTopics

The development of loss control standardsThe development of loss control standards Management of loss control standardsManagement of loss control standards Challenges of implementationChallenges of implementation Benefits of implementationBenefits of implementation Final challenges and motivationFinal challenges and motivation

Development of Loss Control Development of Loss Control StandardsStandards

Management StepsManagement Steps

Identify control needsIdentify control needs Evaluate your control needs and their loss Evaluate your control needs and their loss

potentialspotentials Develop loss control standardsDevelop loss control standards Continual revision of loss control Continual revision of loss control

standardsstandards

BRIM’s Loss Control StandardsBRIM’s Loss Control Standards

Organizational SafetyOrganizational Safety Employment PracticesEmployment Practices Fleet ManagementFleet Management Facility SafetyFacility Safety

Getting Buy-InGetting Buy-In

Announcement of Standards to clientsAnnouncement of Standards to clients Formation of insurance premium credits Formation of insurance premium credits

and surchargesand surcharges

MANAGEMENT OVERSIGHT OF MANAGEMENT OVERSIGHT OF LOSS CONTROL STANDARDSLOSS CONTROL STANDARDS

Accountability ConceptsAccountability Concepts

Development of a questionnaireDevelopment of a questionnaire

Annual audit of questionnaireAnnual audit of questionnaire

Annual application of awarded credits and Annual application of awarded credits and surcharges to insurance premiumssurcharges to insurance premiums

CHALLENGES OF IMPLEMENTATIONCHALLENGES OF IMPLEMENTATION

CHALLENGESCHALLENGES

Not enough upper management Not enough upper management commitmentcommitment

Change won’t happen overnightChange won’t happen overnight TEAM approachTEAM approach Loss control has to have a valueLoss control has to have a value Consultation services are a mustConsultation services are a must Must be flexibleMust be flexible

BENEFITS OF IMPLEMENTATIONBENEFITS OF IMPLEMENTATION

Benefits For YouBenefits For You

Reduction in frequency and severity of claimsReduction in frequency and severity of claims Allows for a more stable pool of insuredAllows for a more stable pool of insured Ability to provide more stable and lower Ability to provide more stable and lower

insurance premiumsinsurance premiums Financial gainsFinancial gains Enables a system to measure your effectivenessEnables a system to measure your effectiveness Provides a new market for loss control Provides a new market for loss control

consultation servicesconsultation services

Benefits For The ClientBenefits For The Client

Workplaces are safeWorkplaces are safe Reduction in incidents and insurance claimsReduction in incidents and insurance claims Ability to achieve a lowered or more stable Ability to achieve a lowered or more stable

insurance premiuminsurance premium Decreases indirect lossesDecreases indirect losses Increases marketabilityIncreases marketability Positive reputationPositive reputation Allows for financial gains and stabilityAllows for financial gains and stability

Challenges & MotivationChallenges & Motivation

Look for ways to adopt new loss control Look for ways to adopt new loss control philosophiesphilosophies

Assess your loss control cultureAssess your loss control culture Treat each client as a clientTreat each client as a client ““There is not one right way to achieve loss There is not one right way to achieve loss

control success”.control success”. Make loss control a value within your Make loss control a value within your

organizationorganization

QUESTIONSQUESTIONS

WWW.STATE.WV.US/BRIMWWW.STATE.WV.US/BRIM

Jeremy C. Wolfe Jeremy C. Wolfe

(304)-766-2646, Ext. 114(304)-766-2646, Ext. 114

jeremy.c.wolfe@wv.govjeremy.c.wolfe@wv.gov