HSP Establishes Practice Group to Help Employers Control Workers' Compensation Costs
Hanover Stone Partners announced it has established a dedicated, national practice group to help employers manage workers' compensation costs. Barry E. Thompson, a widely recognized expert with more than 30 years of experience in all areas of workers' compensation cost management, will lead the new practice.
Known as WorkersComp Guard (TM), the new practice will work in collaboration with employers on tailored solutions to reduce costs and improve claim outcomes. The practice will provide strategies and methods to assess employer safety culture and practices, evaluate risk financing options, implement best claims management practices, and leverage data for program measurement and more effective resource deployment.
"For employers throughout the U.S. workers' compensation represents the largest component of their overall casualty cost of risk, and has become a growing source of pain due to a number of variables that has resulted in double-digit increases in many jurisdictions," said John J. Kelly, managing director, Hanover Stone Partners. "Under Barry's leadership, the new practice will leverage the diverse and specialized expertise of our risk advisors and partner firms throughout the U.S. to help clients manage complex workers' compensation issues and control costs."