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CASE STUDY: Industrial Manufacturer
Reducing claims costs and improving productivity.
RiskIMPACT™: >$500,000 in savings per year, 75% reduction in workers' comp claims, increased productivity
A large manufacturer recently came to Gibraltar’s risk management experts from the largest insurance broker in the world. When our thorough RiskIMPACT™ process identified several areas of concern, especially in workers’ compensation, the organization’s executives were surprised we found such critical problems with the account. Even though their insurance documentation was ideal, nothing was being done to manage the underlying risks that drive the cost of the insurance.
The industrial manufacturer’s internal cost per claim was more than $5,000 in lost productivity, overtime and retraining. By implementing our primary and secondary prevention strategies, we reduced the organization’s claims count by 75%, netting them a soft dollar savings of roughly $200,000 in indirect costs per year. In addition, we were able to help reduce their average annual loss from $11,424 to $2,594, which led to $300,000 in premium savings.