R. Olson Construction Achieves 80% Percent Reduction in Claim Costs
Schaumburg, Ill. (November 6, 2018) – Assurance is pleased to recognize R. Olson Construction as a Minimizing Risk, Maximizing Health (MRMH) Award recipient. R. Olson Construction is a Chicagoland concrete contractor.
The MRMH Award is open to all Assurance clients that work alongside the Top 50 U.S. insurance brokerage to achieve quantifiable results in minimizing workplace risk and maximizing the health and wellbeing of employees. Clients must meet certain criteria to qualify, including a large quantifiable reduction or improvement in a variety of key areas.
In 2016, R. Olson Construction experienced a sharp increase in their workers’ compensation insurance premiums due to a few unresolved claims with large reserves. The Roselle-based company had already established a safety culture but needed additional expertise in the management of claims. They turned to their business partner of over 20 years, Assurance, for guidance.
Together, they worked on a plan to minimize claim losses/reserves. The plan included a post injury program, additional on-site safety consultant, Return to Work program, claim handling strategies and more. R Olson Construction made updates to existing safety policies and continued working with Assurance’s safety team to conduct audits, reviews, formal safety meetings and Toolbox Talks, as well as update the safety manual.
R. Olson far exceeded industry standards through their focus on strong claims and risk management. Between 2015-2018, the company improved their Experience Modification Rating (EMR)* by 35%, decreased average claim costs by 80% and reduced their workers’ compensation premium by 44%.
“Working with Assurance to control costs and our EMR is crucial to our future success. We believe that with the focus of great partners like Assurance we’ll continue to achieve another 65 years of success for customers and our employees,” said Ben Olson, President of R. Olson Construction.
Assurance recognized R. OIson Construction’s achievements at a MRMH Award presentation on Wednesday, September 26 at the client’s headquarters in Roselle, Illinois.
*EMR is a factor used to adjust annual workers’ compensation premium based on previous loss experience, and it provides a benchmark against similar organizations.
Read the full R. Olson Construction case study here.
About R. Olson Construction
Based on an upbringing of "hands-on" work experience, the Olson's are truly a proud American Construction Family. Having been passed down to its third generation, R. Olson Construction continues to become one of the most well organized, experienced and reputable concrete contractors in the Chicagoland area. Visit R. Olson Construction at http://www.r-olson.com/.
Assurance is among the largest and most awarded independent insurance brokerages in the U.S. A “Top 50” broker and repeated national “Best Place to Work” winner, Assurance creates value by minimizing risk and maximizing health for 6,000 businesses and individuals across the country. Visit Assurance at www.assuranceagency.com.