west virginia board of risk and insurance management
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West Virginia Board of Risk and Insurance Management. “Creating Loss Control Standards” Jeremy C. Wolfe Loss Control Manager September 17, 2008. Objective. “To aid you in your efforts of ensuring loss control is woven into the fabric of your organization”. Topics. - PowerPoint PPT PresentationTRANSCRIPT
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
[email protected]@wv.gov