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Lockton Cos. LLC has announced the launch of a workers compensation consulting framework that the Kansas City, Missouri-based broker says will aid employers in addressing comp risks.
Lockton 360 combines a suite of analytics with risk control consulting services that can help companies identify, diagnose and formulate plans for cost reduction, the brokerage said Monday.
The analytics suite, according to the broker, includes both program-level models and more granular claim models.
The primary claims analysis, called Lockton INSIGHT, highlights specific drivers of historical frequency and severity in comp and compares a company’s outcomes to a customized industry peer group.
Metrics assessed include geography, loss cause, litigation rates and closure rates.
Predictive modeling is also targeted at the micro level, Lockton said, while actuarial loss projections, stratification and collateral assessment can help offer a macro-level of understanding of a client’s comp insurance program and where comp fits within their total risk cost.