Managing workers’ compensation policies and claims is a complex process that requires a deep understanding of the product, the claims process, and cost containment strategies. Kirk Aguilera, Liberty’s National Complex Workers’ Compensation Practice Lead, has dedicated his entire career to mastering this product, its underwriting, and analysis. His team works tirelessly to help clients better manage their claims by establishing better processes and procedures, analyzing trends, and mitigating costs.
Kirk and his team, who have been working together for over 23 years perfecting their service model for clients, provides a range of services related to workers compensation, including managing workers compensation policies, claims, and the processes and procedures within a company to help better manage those claims. One of the things that the team excels at is helping clients understand the process and establishing best practices to manage claims more efficiently. It doesn’t stop with empowering clients with the proper tools, the National Complex Workers’ Comp Practice Group is there every step of the way to make sure they are implemented correctly.
So, what led Kirk to where he is today? Kirk’s journey to becoming a practice leader began when he realized that workers’ compensation was a product that everyone had to buy. This meant that he would have a reason to talk to clients constantly and build lasting relationships with them. Moreover, Kirk discovered that he could analyze workers’ compensation better than any other product, which further fueled his desire to learn more about it. Kirk has spent the last 25 years perfecting his knowledge of workers’ compensation, including allocated expenses, predictive modeling, and how claims development impacts premiums.
One of the practice group’s most successful projects involved reducing a client’s workers’ compensation costs by just over $1.6M in a single year. The team achieved this by implementing effective claim management processes and procedures, resulting in a litigation rate of only 4% while reducing legal costs by over 66% – and this all occurred with 18% greater frequency in the client’s claims. By utilizing targeted analytics, Kirk and his team were able to better understand the root causes of the claims and the costs associated with them, enabling the team to address them effectively.
The team plans to grow extensively next year by educating clients on how the workers’ compensation market really works and implementing a claims management strategy that benefits the insured while still maintaining proper care for the employee.
Overall, managing workers’ compensation claims is a critical process that requires a deep understanding of the product, the claims process, and cost containment strategies. Kirk’s practice group has dedicated years to perfecting their knowledge and processes in this area, resulting in significant cost savings for clients. By collaborating with other practice groups and balancing clients’ needs and goals, Kirk and his team are poised to continue delivering top-notch services to their clients.
For more information on Liberty’s National Complex Workers’ Compensation Practice Group, please reach out to Kirk Aguilera, Managing Partner (National Complex Workers’ Compensation Practice Leader), The Liberty Company Insurance Brokers.
