Lockton launches proprietary workers' compensation consulting process
Lockton 360 combines analytics and risk consulting to reduce WC losses
KANSAS CITY, Mo., March 6, 2023 /PRNewswire/ -- Lockton, the world's largest independent insurance brokerage, announced today the formal launch of Lockton 360, a proprietary workers' compensation consulting framework designed to help employers address one of their most important and potentially costly risks. Workers' compensation losses are typically one of the largest controllable expenses for any organization and can also impact an organization's margins, collateral expenses and brand. Naturally, the insurance industry has made countless attempts to address these costs, but proposed solutions have largely fallen short of their stated goals.
Lockton 360 represents a step forward, offering a scalable, collaborative process, combining a powerful suite of analytics with sophisticated risk control consulting services. Driven by Lockton's experienced team of workers' compensation specialists — who have a deep understanding of the internal and external factors that typically drive workers' compensation losses and can ask critical questions to identify an organization's specific loss drivers — Lockton 360 provides businesses with customized diagnoses and business plans for cost reduction.
"Sustainable workers' compensation cost reduction requires more than just a tool, dashboard or one-time effort," said Hallie Cooley, assistant vice president and workers' compensation consulting director. "Measurable progress is only possible with an understanding of what has happened, why it happened, and most importantly, an actionable plan for how to make a change. Lockton 360 offers exactly that to organizations that are struggling to manage their workers' compensation costs."
Through Lockton 360, employers can obtain targeted performance indicators, calculated ROI specific strategies we recommend, and regular monitoring to ensure results stay on track. Lockton's process also enables strong communication among all stakeholders, who share valuable insights and work together to create a blueprint for the effective direction of resources and long-term workers' compensation savings year after year.
As the analytics engine for Lockton 360, our Lockton INSIGHT platform leverages more than $30 billion in transaction-level data from the largest workers' compensation insurers and third-party administrators (TPAs) to compare outcomes based on industry, cause of loss, geography, tenure, age, and a host of other factors. Lockton 360 also benefits from Lockton's new Advanced Claim Targeting (ACT) model, which identifies claims most likely to show adverse future development.
"Lockton 360, Lockton INSIGHT and Lockton ACT are just the latest examples of Lockton's ability to innovate to help our clients address their most pressing risks and make efficient use of limited resources," said Said Taiym, U.S. chief operating officer. "Through these tools, we can eliminate the guesswork in workers' compensation cost reduction strategies, helping employers take meaningful action to drive bottom-line results."
About Lockton
What makes Lockton stand apart is also what makes us better: independence. Lockton's private ownership empowers its 9,500+ Associates doing business in over 125 countries to focus solely on clients' risk, insurance and people needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results.
For 14 consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." Lockton was named among the 2021 Best Managed Companies by Deloitte and the Wall Street Journal, a program that recognizes excellence and honors private companies for their strategy, execution, culture, and financials. For more information, visit lockton.com.
SOURCE Lockton Companies
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