The WorkPlace Solution is a group captive Workers’ Compensation program for best in class businesses looking for an alternative to traditional insurance. Regardless of the workers’ comp market cycle, captive insurance programs such as The WorkPlace Solution offers business owners a new and exciting level of control and financial independence.
All the members of The WorkPlace Solution control and own a portion of the group captive. Business owners have greater control over their revenue and they – not an insurance company – benefit when the captive is profitable.
As The WorkPlace Solution only accepts profitable, well run businesses into the program, we currently are running loss ratios of less than 30% and Workers’ Comp mods averaging .88 – resulting in profits going back to the owners year after year. In a traditional insurance scenario profits would be kept by the insurance carrier. Our solutions protect well managed businesses by providing what they want most: proactive claims management, risk control that works and an opportunity to recoup underwriting profit.
Proven strategies to take control
By letting the insured companies put some “skin in the game” while providing all the services and techniques available to reduce and mitigate losses, group captives became an effective cost management approach during the workers’ compensation crisis of the 1990’s. Today, data mining and predictive analytics have helped to better identify the best practices most impactful in reducing death and injury on the job. Early, aggressive medical intervention, extensive utilization review, and physician profiling have all been proven effective means of reducing the cost and duration of workers compensation claims.
Why make the move?
We are well managed: Our captive management team administers the program, providing the necessary legal, accounting, and claims management structure. The perks are undeniable: Beyond profits coming back to owners there are many benefits to joining a captive including tax benefits, greater control over claims management, networking with other shareholders and financial stability.
For more information about The WorkPlace Solution, click here