Controlling Workers Compensation Costs for Employers

Wednesday, February 21st 2018

Last updateSun, 16 Oct 2016 2am

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Bill Cobb

Workers Compensation Metrics Consultant

Bill CobbV.P. - Business Development for CompMetrics, Inc.

Bill Cobb has been involved with California Workers' Compensation since 1989. He has developed software applications that identify the cost drivers and trends in workplace injuries and claims costs.

Bill Cobb works with employers to reduce injuries, contain the cost of injures, and lower workers' compensation premiums.

Since 1989, Bill Cobb has analysed data, reviewing injury patterns and cost trends.

In 2003, Bill and a partner started a Risk Management company - RiskSolutions, LLC - which specialized in working directly with employers to reduce their workers' comp premiums.  Bill later sold his interest in RiskSolutions and continued to work as an independent consultant – providing risk management to employers.

Workers Compensation Metrics

Bill has developed powerful software applications that provide analytical tools that identify the cost drivers and trends in workplace injuries and claims costs:-

  • X-MOD Analyst –
    • Analyze the current X-MOD to identify specific data points that contribute to the overall X-MOD
    • Compares X-MODs year-over-year to spot trends.
    • Compare 'What-If' scenarios to model changes to the loss costs and trends would affect the X-MOD.
  • Loss Run Analyst –
    • Spot trends in injury frequency, cause, type, and body part to predict where injuries may occur.
    • Spot trends in costs and over- reserving.
    • Spot litigated claims and potential litigated claims.
  • Class Cost Relativity –
    • Determine and predict the expected workplace injuries and their costs based on the work class code and statistical data.
    • Benchmark an employer's actual experience with industry standards to improve results and reduce costs and premiums.

Over the years, Bill has worked with hundreds of employers of all sizes and from all industries to analyze, manage, and control their workers' compensation costs. The first step is to perform an in-depth analysis using current and historical data to determine trouble areas for an employer. Bill then works with the employer to design and implement a program that will reduce the frequency and severity of work place injuries. Bill also works directly with claims adjusters, brokers, and medical providers to bring the claim to a close in the quickest and most cost efficient way.

In addition to claims oversight, Bill also works with the employer to develop and implement safety programs and ensure compliance with all state and federal regulations. Bill also gets actively involved in the payroll and premium audits conducted by the carrier to ensure that payroll is accurately calculated and assigned to the correct work class code.

Because Bill has worked with every facet of an employers workers' comp program, he is a valuable member of the team (brokers, underwriters, etc.) that negotiates policy renewals. Insurance carriers, and their underwriters, are more likely to quote favorable rates if they know the employer has a firm grip on their injury and claim control and has a professional working with them to keep injuries and costs down.

Because of his extensive knowledge of the workers' compensation system, Bill is a frequent guest speaker at organizations such as Chambers of Commerce, HR and Risk Management groups, and employer associations.

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