A comprehensive analysis of your workers’ compensation policy can save your business tens of thousands of dollars and upwards of $100,000 in some instances. However, thoroughly reviewing your workers’ comp plan can be highly time-consuming and potentially inaccurate. At CompWize, our proprietary, AI-powered software identifies statistical and human errors within workers’ comp premium calculations.
“The lack of detailed knowledge on how premiums are determined and the mountain of statistical information that directly affects them, as well as deductions and options that are available, have really left most insureds in the dark about why they pay so much and what can be done to reduce the costs.
CompWize lifts the veil covering the critical numbers and data points affecting workers’ comp premium calculations, identifying the information that enables you to recover past overcharges and continue saving in the future.”
-Brian Kelly, Managing Partner
How Accurate Is CompWize?
Out of the thousands of workers’ comp premium audits our software has completed for businesses throughout the US, nearly 90% proved unnecessary overcharges. And while your workers’ comp policy may not be the first thing on your mind when walking into the office, it is the first thing on ours. At CompWize, we pride ourselves on expertly handling the intricacies of your workers’ comp policy, providing peace of mind while saving your business money.
The Benefits of a Workers’ Comp Analysis by CompWize
Cost Savings
- Identify and rectify overcharges, reducing unnecessary premium payments.
- Improve cost containment strategies by pinpointing areas for cost reduction.
Compliance
- Ensure compliance with state and federal workers’ compensation laws and regulations.
- Avoid penalties and legal issues associated with non-compliance.
Data-Driven Decisions
- Make informed decisions based on data analysis rather than assumptions.
- Prioritize resources and strategies based on identified trends and patterns.
Premium Accuracy
- Ensure that insurance premiums accurately reflect your company’s risk profile.
- Avoid unnecessary premium audits and disputes with insurers.
Competitive Advantage
- Enhance your company’s competitiveness by controlling workers’ compensation costs.
- Attract and retain top talent by demonstrating a commitment to employee well-being.
Employee Morale and Productivity
- Show employees that their well-being is a priority, boosting morale.
- Minimize disruptions caused by workplace injuries, preserving productivity.
Long-Term Cost Control
- Implement strategies based on the analysis to maintain cost control over the long term.
- Adapt to changing circumstances and regulations with data-driven insights.
Financial Planning
- Improve financial forecasting by accurately estimating workers’ compensation costs.
- Allocate budget resources more effectively.
Customized Strategies
- Tailor risk management strategies and safety programs based on the specific needs and challenges identified through analysis.
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