[Infographic]: Group Captive Members Crush Industry Safety Benchmarks

By Sean Flavin June 14th, 2021

It's official: Group captive members are safer than average companies. But you don't have to take our word for it; we have the numbers to back it up. Download our infographic to learn how our group captive model has helped companies outperform industry benchmarks for total workers' compensation (WC) claims, lost time claims, and fatalities. After you've checked out the infographic, scroll down to learn what it is about our group captive model that helps members outperform other companies.

The Importance of Risk Management

For companies, improving workplace safety is a perpetual and demanding initiative. And all too often, it's a thankless effort. Typically, people only notice how well your company manages risk after something goes wrong. The notable exception being those signs indicating how many days it's been since an accident (which, if you think about it, is still celebrating the lack of failure rather than the presence of success).

Thankless though it may be, workplace safety is vital in an organization. Companies that manage risk effectively reap rewards like fewer workplace accidents, lower WC claims costs, and — perhaps most importantly — a healthier and more productive workforce.

For organizational leaders, implementing successful risk management strategies can be an overwhelming and daunting challenge. At Captive Resources (CRI), we understand that challenge well. We've helped thousands of best-in-class companies like yours make their workplaces safer, thanks to the support of our unique group captive insurance model. And, as the infographic above details, joining one of the group captives we work with can dramatically impact a company's loss records.

Group Captive Members vs. Industry Safety Benchmarks

To find out just how much impact joining a group captive has on workplace safety, we engaged an independent actuary to compare the safety and loss records of group captive members that work with us vs. national industry averages. CRI provided the actuary with actual WC exposure and claims statistics for members across 15 mature group captives in a single underwriting year, encompassing more than 1.5 billion work hours. The actuary was then able to compare those records to data from the Bureau of Labor Statistics (BLS) and the National Council on Compensation Insurance (NCCI) to determine how group captive members stacked up compared to industry benchmarks.

After analyzing the data, the study found that group captive members trounced industry averages in WC claims. Here’s how the actuary explained the results (emphasis added):

The overall numbers are compelling. CRI client group captive members’ workers’ compensation experience is simply much better than the industry average…

I would hypothesize [that the combination] of the members' commitment to safety and loss control and the superior services provided by the CRI team allow members to realize a substantial, sustainable competitive advantage over their competitors in both insurance costs and HR costs by dramatically reducing the number of work-related fatalities and lost time workers’ compensation claims…

Beyond that, they dramatically reduce the number of employees’ families whose lives are negatively impacted by work-related fatalities and severe injuries.

How We Help Group Captive Members Manage Risk

The group captives we support are incredibly selective in choosing new members. This exclusivity certainly has something to do with the members' superior performance, but there's more to their success than a meticulous selection process. CRI has a comprehensive risk management approach to help these best-in-class companies continuously improve and achieve excellent results.

Here’s an overview of some of the activities we leverage to help members make their workplaces safer:

Loss Prevention Services

On average, 1 percent of each member's premium is allocated towards loss prevention services. A portion of the amount funds initiatives such as Risk Control Workshops (more on that in a moment); the remainder is allocated back to members to use with their assigned consultant.

CRI oversees these consultants who provide services like:

  • Performing Risk Control Assessments.
  • Developing action plans to prevent and control losses.
  • Conducting hazard surveys, training, and more.

Risk Control Assessment (RCA)

An in-depth review of risk control policies and procedures compared to industry best practices to identify the captive member's areas of strength and improvement opportunities. The RCA also assists in the development of mutually agreed-upon action plans with assigned safety consultants.

Risk Control Group Purchasing Program

CRI has developed a program that provides captive members access to high-quality vendors that offer discounted products or services to help prevent and control losses. CRI reviews this program twice a year to ensure members have access to the most innovative providers the industry offers.

Educational Opportunities

CRI aims to educate members on risk control and safety through initiatives like:

  • Risk Control Workshops: Members attend regularly scheduled workshops on workplace safety, claims management, compliance, and leadership development.
  • Networking: Members are able to network and share best practices, often resulting in collaborative work.
  • Webinars: Members participate in monthly and weekly webinars led by subject matter experts on workplace safety, leadership, claims, and risk management.

Group Captives: The Right Choice for Best-in-Class Companies

The combination of the group captive members’ commitment to safety and the superior services provided by CRI allows members to realize a substantial competitive advantage over their competitors in both insurance and human resources costs by dramatically reducing the number of work-related fatalities and lost-time claims. Beyond that, they dramatically reduce the number of families whose lives are negatively impacted by work-related fatalities and severe injuries.

If you’re looking to take your company’s safety to the next level, consider joining a member-owned group captive supported by CRI. Contact us today to learn more.

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