Consulting

Consulting Methodology

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Problem Definition:

The Vision Risk process begins with expert consultation.  We work with the client to clearly define the issues or problems they report in establishing a new program or maintaining an existing program.  These issues may include concerns about program cost, workload or performance.

Triage:

Once client need is established, the Vision Risk Triage process is initiated.  During this process, we collect and analyze key performance indicator data such as liability and workers compensation reserves, litigation inventory and potential offset losses to assess the risk.

Action:

Upon completing the triage step, Vision Risk partners with the client to develop strategies to implement a third party claim administration program, further analyze liability, workers compensation, litigation and offset program performance issues, conduct detailed claim audits or develop standard claims review and administration procedures to monitor and maintain program performance.

Process Overview

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Reserve Reduction Analysis

Liability

Reserving is an art, combined with foresight and a vast amount of experience. Since the lifeline of a carrier or selfinsurer is dependent on accurate reserving, it is an area that requires special attention. Vision Risk offers full reserve audits, to provide you with an objective assessment of your financial riskIn addition to assessing your reserves, we offer strategic resolutions to reduce themThis service can be combined with Litigation Profiling or it can stand alone.

Workers Compensation

Inattention to the impact of reserves on overall program performance is striking in regards to the management of workers’ compensation costs. Workers compensation’ costs progressively increase over the life of a claim, yet many administrators give permanency cases the least amount of attention. Many allow permanency cases to go on indefinitely, with little effort to settleVision has demonstrated that an effort to settle, combined with aggressive pursuit of offsets has drasticallreduced workers compensation reserves.

Litigation Management Profiles

In today’s hectic environment, claims professionals struggle to control litigation. While most companies have procedures for managing litigation, very few are actually able to strategize for aggressive and proactive results.

Vision Risk uses a nontraditional approach to litigation management. Firstwe understand the longterm economy and efficiency of settling cases that should be settled, thereby reducing defense costs. Second, we closely monitor and manage claims that go into litigationThird, we understand that litigation managemencan be much more effective when the entire litigated population of claims are analyzed, as opposed to viewing on a claim by claim basis.

Reduction in staff, lack of training and hefty caseloads can increase risof legal exposure. We assist our clients early during the adjustment stage, insuring that the cases that should be settled-are settled– and that those that should be tried are properly managed up until verdict.

Offset  Analysis

As our industry continues to battle cost reductions, claims professionals are often burdened with extraordinary workloads. While they may have every intention of offset pursuit, they often do not have enough time to complete the leg work required to perfect recovery. Lack of training and experience can cause the claims professional to overlook recovery potential.

Unless a claims operation dedicates professionals solely to the task of capturing offsets, they will not recognize all the dollars available through recovery. The commitment of resources to capturing offsets can result in millions of dollars returned to an organization each yearVision identifies every offset opportunity, via third party tort, second injury fund relief, loss transfer and others. Our thoroughness has yielded dramatic effects, and provides an excellent return on investment.

Claim Auditing

The audit process is an excellent tool for development and improvement of your overall claims administration process. While we recognize that no two organizations are exactly alike, the Vision claim auditing process helps you benchmark your performance against peer organizations.

We take a team approach in designing a review structure that addresses our specific auditing objectives. This approach also enhances learning and can improve overall operational efficiency. The overall speed of the process and accessibility of the report is increased by the use of Vision’s automated information system.

Periodic Claim Reviews

So much can be gained through teamwork between the adjuster and the risk management divisionA structured claim review process is an excellent way to establish true collaboration. Effective claims review, however, requires detailed planning, preparation and coordination. Vision Risk establishes claim review programs that offer risk managers and adjusters the opportunity to discuss, analyze and strategize the resolution of high profile losseslosses that require a more advanced review and resolution plan.

Claims Management Oversight

Our Claims Management Oversight services support client organizations that cannot commit staff to this activityAttention can be directed to all claims or high exposure claims. Vision Risk can offer reserve guidance, investigative recommendations, settlement evaluations, defense attorney action plans, coverage analysis and overall resolution strategies.

Services can be delivered on-line or at the client’s site. Vision also assists in developing the skills of in-house oversight staff and in determining the number of staff required for oversight.

Vision Risk recognizes that a second set of expert eyes can provide a claims examiner with the proper guidelines for bringing a claim to conclusion.

Self-insured entities that choose to self-administer their claims may find this services very beneficial.

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