Part 3: You’re invited to receive a 30% retro refund
Featured Worker’s CompWorkers’ Comp
Dear Washington Manufacturer,
You’re invited to apply for participation in Vigilant’s best-in-class Manufacturing Retrospective Rating Program—members are projected to receive a 30% refund for the most recent Retro plan year. Because of the elite composition of the manufacturers in our program, our use of proprietary data analytics, and our staff’s dedication, we expect that number to only increase in the years ahead. At the heart of any high functioning Retro program are services that keep your employees safe and working. That is why this note focuses on the importance and value of customized and dedicated loss prevention services.
No single strategy can have a larger impact on your employees and your workers’ compensation costs than a great safety and loss prevention program. Designing these programs can sometimes feel like fighting the wind, never quite knowing if you’re hitting the target. This can make it difficult to secure employee buy-in and obtain funding for effective interventions such as new equipment, PPE, or policies that can make a difference in your results.
You know what helps? Customized data analytics.
Our members benefit from our use of sophisticated and proprietary data analytics in order to first identify the issues with the highest costs and then to examine root causes. Next, their dedicated Vigilant safety professional works with them to develop and implement interventions to reduce or eliminate future exposure. We have the ability to directly correlate each intervention with a reduction in the frequency and severity of workers’ comp claims as well as a reduction in insurance premiums. This laser-focused approach removes the guesswork. By identifying and addressing the issues with the largest premium impact, our members know they are hitting the target. They have the data they need to understand the financial impact of a particular equipment purchase or policy change, leading to well-informed, business-driven decisions. All with the aim of keeping their employees safe and working efficiently. You can have this too.
Armed with this depth of information, Vigilant Retro participants make decisions resulting in significant progress toward reducing workplace accidents and workers’ compensation claims. These types of company-specific investments help propel the entire Vigilant Retro group to sustainably high refunds.
Because joining a Retro group is an important decision, we’re sending these e-mails so you can understand our philosophy and process. Our first e-mail focused on demystifying the “Black Box” of Labor and Industries (L&I) workers’ compensation. In the second we addressed our focus on workers’ compensation premiums and how that translates to large refunds and significant cost savings. There is so much more to say about the safety, claims, and data analytic experts behind our customized and dedicated loss prevention services. Learn more about the Vigilant Retro Program and then give us a call. Meet our safety team below.
Dan Beaty, Vice President, Workers' Compensation