WGA Launches Workers’ Compensation Solution
William Gallagher Associates (WGA) launches a Workers’ Compensation Cost Containment unit called WC³ to face what is expected to be the most challenging year for Workers’ Compensation insurance since the 1990’s.
WGA established WC³ to assist clients in controlling their overall costs associated with Workers’ Compensation. This interdisciplinary team consists of Workers’ Compensation specialists from WGA’s Casualty, Loss Control, and Claims Management Practice areas.
“The formation and deployment of this team is a natural outgrowth of WGA’s commitment to helping our clients make well informed decisions about implementing strategies to reduce their overall cost of risk while adhering to their strategic, financial, and operational objectives,” noted Rich Leavitt, Leader of WGA’s Risk Management Practice.
“The need to build a dedicated, integrated team to attack Workers’ Compensation costs became clear in the second half of 2012 as the shrinking of the Workers’ Compensation insurance marketplace accelerated and the NCCI instituted a significant change in its formula for calculating Experience Modification Factors. For buyers of Workers’ Compensation insurance, 2013 marks the beginning of what is likely to be a turbulent 3-5 year period,” further commented Leavitt.
In addition to finding solutions to help clients control their overall cost of risk for Workers’ Compensation, WC³ is also focused on educating clients about: factors that drive cost; their potential financial impact; which cost factors can be controlled and how they can be controlled; insurance program design; and how to optimize insurance results. The review process for clients will include WGA’s Workers’ Compensation Cost Calculator – an analysis of future costs based on the “new” insurance market and Experience Modification Factor calculation, in addition to individual cost factors and risk profiles.
William Gallagher Associates (WGA) is a leading provider of insurance brokerage, risk management and employee benefit services to companies with complex risks and dynamic needs, within industries that include life sciences, technology, financial risks, healthcare, energy, clean tech and environmental services. The firm was founded in 1983 and is one of the country’s leading independent brokerage firms, with offices in Boston, MA; New York, NY; Hartford, CT; Princeton, NJ Columbia, MD; and Atlanta, GA.
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Marketing Director and Senior Vice President
William Gallagher Associates
470 Atlantic Avenue
Boston, MA 02210