Time to change up your captive?

If you haven’t considered incorporating absence management into your overall risk management strategy, you may be leaving your organization — and your employees — vulnerable.

Beyond simply driving profits, captive insurance programs share a key goal: protecting your employee assets. They do this through risk management programs that work hard to protect employees, provide a safe workspace and keep losses from happening in the first place. But what about the losses you can’t prevent? How can you improve your outcomes when unexpected absences do happen?

Three ways absence management can
support your organization and your employees:

01

Helping you focus on total well-being

Protect your most important asset: your employees. Total well-being is thinking holistically about what employees are going through during their absence and finding the right solutions for them — and doing it with compassion.

By connecting with employees to understand what’s needed to improve health and wellness at the office and at home, the best absence management programs focus on total well-being, providing personalized solutions for each employee, like:

  • Walking employees through every step of the claims process, so they know exactly what to expect and aren’t stressed or confused about what’s coming up next.
  • Sending employees cards to wish them well during their absence.
  • Connecting employees to services like diagnostic test scheduling or transportation to an appointment, so they have what they need to carry out their diagnosis and treatment plan.

02

Minimizing the cost of employee absences

Employee absences can be very costly for employers — up to 22% of payroll. Less downtime for your organization will mean improved productivity, quality and enhanced value. An absence management partner can help you by:

  • Developing a productivity continuity plan, so you know what to do when there’s an employee absence to keep your organization productive.
  • Getting your people back to work sooner or keep them at work.
  • Taking it a step further than just getting employees back in the office — getting them back to health, engaged, productive and ready to perform at their best.

03

Staying compliant

Staying compliant means protecting — or, if necessary, improving — your organization’s reputation, and reducing the threat of litigation. There are a lot of situations where providing leave benefits to someone isn’t just a nice-to-have, it’s the law:

  • From short-term disability to family leave programs, state and federal laws protect employees when they need a leave of absence. These regulations can be difficult to interpret, but an absence management partner can help you stay on top of them.
  • Absence laws are constantly changing, and it can be challenging to keep up. Paid family leave (PFL) is on the rise, and for every state that passes a new PFL law there are new requirements employers must comply with. An absence partner is proactive about all the changes, making sure you’re prepared by the time new laws go into effect.
  • An absence management program not only keeps you in compliance, it helps you avoid costly fines and potential lawsuits of being non-compliant.

Employee absences are sometimes overlooked in managing the exposures within a captive program, which can leave employers vulnerable to the risks associated with those absences. An absence program should be a critical consideration that helps you minimize those exposures while optimizing productivity and performance. And that’s something that benefits all captive owners and their employees.

By posting a comment you are accepting our terms of use

Leave a Reply

Share Share Linkedin Share Twitter Share Faceoobk

Y.View York’s point of view on the industry’s trending topics.

It’s just another way we’re living our mission: to reduce risk and get people and organizations back to health, work and productivity. And while y.View isn’t intended to provide legal advice or direction, it is designed to get the conversation started. Let’s talk.

VIEW ALL ISSUES