Maximizing Savings in Retail: Acclaim's Impact on Claims Management
Client
A key leader in the Retail sector
Services Provided
Ability Management Services
Executive Summary
This case study focuses on the results achieved through Acclaim Ability Management's involvement with a retail client in Short Term Disability and Workers Compensation Claims Management (WCB). It highlights substantial cost savings, reduced Long-Term Disability (LTD) claims, and improved overall claims management.
Challenge
The retail client faced challenges related to Short-Term Disability management and claims costs. They aimed to reduce costs, streamline return-to-work processes, and maintain compliance with the Workplace Safety and Insurance Board (WSIB).
Solution
Acclaim crafted and implemented a comprehensive set of strategies to enhance Short-Term Disability and Workers Compensation Claims Management (WCB) services for our retail client. These strategies not only addressed immediate challenges but also aimed for long-term improvements in claims management and cost reduction.
Acclaim's interventions substantially reduced claims costs, alleviating financial burdens previously faced by our client. Additionally, the noteworthy rate class decrease demonstrated improved overall risk management and a commitment to workplace safety. Most notably, these strategies delivered estimated annual savings that promised ongoing financial relief, ensuring both immediate budgetary advantages and long-term financial stability for our retail client.
Results
The collaboration with Acclaim delivered substantial financial benefits, demonstrating the real impact of our partnership. Over five years, the client witnessed an impressive $400,000.00 reduction in potential claim expenses. Administrative costs also saw a significant 61% decrease, streamlining operations for improved efficiency and resource allocation. Additionally, the client enjoyed a lower rate class, indicating enhanced industry risk standing, and estimated annual savings of approximately $106,664.70.
These achievements not only bolstered their financial well-being but also underscored their commitment to proactive risk management and workplace safety. They stand as a testament to the enduring value of our collaborative approach with clients, as Acclaim continues to drive positive change and financial prosperity in the retail sector and beyond.
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