Insurance

It is quite challenging for you as a risk manager trying to utilize business resources to control the compensation costs of workers. Small staffs often has to do more work and to add to the problem such chores that they are not accustomed with. In fear of losing a job, they may be tempted to work through an ill health like an injury or file claim for ailment to assure medical insurance and medical care in case they lose their job.

On the other hand companies eager to cost control related with safety and investments in loss control proves challenging for you as a risk manager and to give positive results to keep your workers in place and the company's programs intact. The complains often faced by you from the workers are poor results to uncertainty regarding their medical costs. The medical costs including the uncertainty of national health care reform, introduction of new taxes, change in reimbursements and to strain on the medical care insurance from someone insured newly.

The low investment payoff together with current combined ratio is insufficient to provide an adequate return on the company's capital. The only solution, you can reduce the combined ratio substantially to earn a reasonable return for the industry. Again, changes in political conditions affect the indemnity costs and changes in financial regulatory system affects worker's compensation insures. You as a responsible risk manager have to balance between your workers and the management coming up with solution for both parties, serving each of their purpose and keeping them content, acknowledge that.

It is the most challenging thing to attain especially in today's economic downturn but not impossible. With intelligence and guidance from experienced risk managers in person or online on business sites, you can accomplish your mission like of loss control, work program safety for workers and return to work programs. Undoubtedly, it is a tough time for risk managers tackling with company cost and bears heated situations between the labors and management but still it is your duty to overcome tough situations effectively.