Category: Simple Concepts by Bill Zachry

Introduction  Actuaries require accurate and timely information for them to calculate the reserve loss development pattern as well as the ultimate exposure for losses.   Even though management may not always be happy with the information, knowing the correct ultimate exposure is always ultimately good for the insurance company or the employer.    Due to company silos, process or ignorance, most claims operations do not regularly engage with the actuary process.    Quality…

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An ideal system serves the two primary stakeholders (the employer and the employee). An ideal system allows and encourages clear, concise, timely and accurate communication (in-person, phone, fax, text, app, semaphore, morse code, smoke signals) between all parties.  An ideal system provides a prompt provision of fixed and “fair” benefits to the legitimately injured worker within a no-fault system. An ideal system ensures that all workers are covered by the…

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The right medical care at the right time is always in the best interest of the injured worker and almost always will result in the lowest claims costs.The right medical care at the right time will (almost always) result in an earlier return to work with less permanent residual disability.Evidence-based medicine is the right care for the legitimately injured workers. (There is a hierarchy on how to apply evidence-based medicine).One…

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For thousands of years deer had two primary methods of survival.  The first was to run very fast when they were in an open field.  The second was to stand very still when they were in a forest. If they could not outrun the mountain lion, they knew that if they stood still while in the forest that their camouflage would make it harder for them to be seen. For…

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A School Calendar There are many different life situations facing parents. One of the most rewarding and challenging is the balancing act of raising children while meeting work responsibilities.  One fundamental obligation of a parent is to make sure that their children obtain the necessary education to be successful in life.  Children who are engaged and supported at school usually become successful adults.  Many times, employers ignorantly create work situations…

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Create a culture to get proper feedback from subordinates One of the most interesting executives I have ever worked for was mercurial.  The verbal beatings he gave were legendary.  His insight and intuitive understanding of the workers' compensation system was also unparalleled.  He created a very profitable company by wringing out the best from his employees. However, few of the senior executives survived more than a few years working for him.  A result of…

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