What if one of your company’s biggest challenges could become a triumph? That’s exactly what happened with a Washington engineering and fabrication company. Facing escalating workers’ comp costs, they turned what seemed like an overwhelming problem into a meaningful success. Here’s how.
The Problem: Escalating Costs
» In early 2019, the company’s EMF (Experience Modification Factor) was manageable 0.9862. But it soon surged to 1.2653, sending their workers’ compensation premium soaring.
» Fast forward to today: their EMF has dropped to 0.8322 (below average)—a 25% drop in one year and a 34% decrease over two years.
How did they do it?
The Turning Point: Honest Assessment and the Right Partnership
Rising costs were threatening their business, so they reached out to learn about the Vigilant Retro program. Joining wasn’t automatic—every potential participant undergoes a rigorous evaluation to ensure they are aligned with our high standards, making them eligible to join a group of like-minded, top-performing companies. While they showed significant promise, they weren’t quite ready.
The Plan: Turning Analytics into Action
Rather than giving up, the company embraced our collaborative, data-driven approach to controlling workers’ comp costs and and joined our claims management program in 2021 to address immediate challenges. With our advanced analytical tools, we pinpointed key areas for improvement and crafted a focused action plan. Their commitment to loss prevention quickly paid off and by January 2022 they were invited into our Retro program. Although their EMF was still high, their outstanding performance positioned them to earn refunds from their inflated premium.
The Outcome: Reaping the Rewards
Today, this member company is reaping the rewards of their hard work. Not only are they earning significant refunds, they are also reducing their upfront premium. As we always say, refunds are great, but paying less from the start is even better. Now, they’re enjoying both.
The Takeaway: A Blueprint for Success
This story highlights the power of strategic partnerships, a strong commitment to safety culture, and a carefully curated Retro group. What started as a tough situation turned into lasting success.
If you think a Retro group or getting good refunds are out of reach for your company, think again. With the right partnership, your breakthrough could be next.
Could your company be the next success story? Let’s make it happen.
