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West Virginia Board of Risk and Insurance Management

West Virginia Board of Risk and Insurance Management. “Creating Loss Control Standards” Jeremy C. Wolfe Loss Control Manager September 17, 2008. Objective. “To aid you in your efforts of ensuring loss control is woven into the fabric of your organization”. Topics.

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West Virginia Board of Risk and Insurance Management

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  1. West Virginia Board of Risk and Insurance Management “Creating Loss Control Standards” Jeremy C. Wolfe Loss Control Manager September 17, 2008

  2. Objective “To aid you in your efforts of ensuring loss control is woven into the fabric of your organization”.

  3. Topics • The development of loss control standards • Management of loss control standards • Challenges of implementation • Benefits of implementation • Final challenges and motivation

  4. Development of Loss Control Standards

  5. Management Steps • Identify control needs • Evaluate your control needs and their loss potentials • Develop loss control standards • Continual revision of loss control standards

  6. BRIM’s Loss Control Standards • Organizational Safety • Employment Practices • Fleet Management • Facility Safety

  7. Getting Buy-In • Announcement of Standards to clients • Formation of insurance premium credits and surcharges

  8. MANAGEMENT OVERSIGHT OF LOSS CONTROL STANDARDS

  9. Accountability Concepts • Development of a questionnaire • Annual audit of questionnaire • Annual application of awarded credits and surcharges to insurance premiums

  10. CHALLENGES OF IMPLEMENTATION

  11. CHALLENGES • Not enough upper management commitment • Change won’t happen overnight • TEAM approach • Loss control has to have a value • Consultation services are a must • Must be flexible

  12. BENEFITS OF IMPLEMENTATION

  13. Benefits For You • Reduction in frequency and severity of claims • Allows for a more stable pool of insured • Ability to provide more stable and lower insurance premiums • Financial gains • Enables a system to measure your effectiveness • Provides a new market for loss control consultation services

  14. Benefits For The Client • Workplaces are safe • Reduction in incidents and insurance claims • Ability to achieve a lowered or more stable insurance premium • Decreases indirect losses • Increases marketability • Positive reputation • Allows for financial gains and stability

  15. Challenges & Motivation • Look for ways to adopt new loss control philosophies • Assess your loss control culture • Treat each client as a client • “There is not one right way to achieve loss control success”. • Make loss control a value within your organization

  16. QUESTIONS WWW.STATE.WV.US/BRIM Jeremy C. Wolfe (304)-766-2646, Ext. 114 jeremy.c.wolfe@wv.gov

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