Business Risk Management

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Travelers logo, text: The Risk Factor: Better data, better decisions
A man is talking to camera with two men working on a machine in the background

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CHRIS HAYES: Risk management and controlling claim costs requires insight. 

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A team is working in a lab
A graphic overlay animates on, text: Chris Hayes, AVP Risk Control, Workers Compensation and Transportation

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The right data can shed light on new ways to help reduce risks and minimize employee injuries. I’m Chris Hayes and this is the Risk Factor.

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Animation of various numbers and graphs, text: The Risk Factor, Cost Management
A teal circle has numbers animate up until they reach fifty-two percent, text: Cost Management, top CFO concern¹
A red circle animates around, text: Four Ways
A line graph animates showing a decreasing pathway along with an arrow pointing downward, text, Manage Risk
A bar graph with a dollar sign above it animates to show less spend, text: And Control Costs

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Fifty-two percent of CFOs say cost management worries them most, diverting focus from vital initiatives, like innovation and growth. Let’s explore four ways data can help you manage risk and control costs.

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Two men in construction gear in a manufacturing facility are looking at a laptop and talking
A graphic overlay animates on with a line graph, text: Number one, The Efficiency and Safety Factor

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First, data is key to improving process efficiency 

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A male and female are talking in construction hats out in a field with a wind turbine
A graphic overlay animates on, text: Number one, The Efficiency and Safety Factor, Track Incidents, Identify Root Cause, Improve Safety

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and enhancing safety procedures.

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Three workers in construction hats are checking out robotic machines on a manufacturing floor
A graphic overlay animates on with a red circle with thirty-four percent inside of it,
text: Number two, The Loss Factor, thirty-four percent of workplace injuries occur during a workers first year²

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Next, data can identify factors contributing to high claim costs, such as first-year injury trends for new employees.

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A man is standing in front of a large television monitor with various graphs on it as he’s giving a speech in an office
A graphic overlay animates on with a bar graph increasing, text: Number three, The Historical Trends Factor, Injury Rates, Claim Frequency, Lost Workdays

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Third, data showing historical trends can uncover patterns that can help prevent future workplace injuries. 

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A female scientist is working on a computer with safety goggles on
A graphic overlay animates on, text: Number three, The Historical Trends Factor, Injury Rates, Claim Frequency, Lost Workdays

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Ultimately, 

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A man is on his computer in an office looking at various data graphs
A graphic overlay animates on with the Travelers umbrella icon, text: Number four, The Empowerment Factor, Injury Claim Costs slash data plus improved safety equals less risk

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data can empower companies

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A man is looking through a magnifier as he solders a chip
A graphic overlay appears with the Travelers umbrella icon, text: Number four, The Empowerment Factor, Injury Claim Costs slash data plus improved safety equals less risk

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to lower costs and

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Three workers are using pipettes in a lab
A graphic overlay appears with the Travelers umbrella icon, text: Number four, The Empowerment Factor, Injury Claim Costs slash data plus improved safety equals less risk

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help decrease workplace injury rates.

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A man is talking to camera with a person looking through a microscope in a lab in the background

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Which may lessen risks 

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A man is talking to camera with two people in a lab in the background

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while increasing employee productivity. It’s all a part of how Travelers helps our customers factor in data.

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Travelers logo, text: To learn more visit travelers dot com forward slash The Risk Factor

¹ Deloitte, CFO Signals Report, 4th quarter 2022
² Travelers claim data, 2016-2020
The Travelers Indemnity Company and its property casualty affiliates. 
One Tower Square, Hartford, CT 06183 
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations. ©2023 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.

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Travelers Logo
TEXT: The Risk Factor: Better data, better decisions

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A man is talking to camera with three workers communicating in a manufacturing facility behind him.

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Workplace injuries continue to be a concern for wholesalers

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Two male workers lift a box into the back of a semitruck. A graphic overlay animates on top.
TEXT: Allen McCalister, Director, Workers Compensation Cost Containment

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and distributors. The factors are many. I’m Allen McCalister, and this is The Risk Factor.

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Animation of various numbers and graphs.
TEXT: The Risk Factor, Workers Compensation
An animation of squares simulates a calendar.
TEXT: The Claim Factor, An average of 69 workdays missed¹

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Wholesale employees miss an average of 69 days from each workplace injury.

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A yellow construction helmet lies sideways on the ground while someone sits holding their ankle in the background as they’re being helped by others. A graphic overlay animates on top.
TEXT: The Cause Factor, 43% Of injuries are due to overexertion²

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Strains and sprains account for a substantial 43% of wholesale employee injuries,

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A man in a construction facility is using a mechanical forklift to lift a large box.

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many related to material handling.

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A man in a construction hat on a ladder is handing a box to a female employee below.

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No surprise that this risk can factor into the cost of claims.

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An animation appears with three circles that connect with a red triangle that lights up in the center.
TEXT: The Travelers Factor, Putting Data to Work

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Now, let’s factor in the power of data.

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A gentleman walks around a manufacturing facility with two workers.

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Travelers worked side-by-side with a food distributor

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The gentleman and a female worker head down an aisle as he points to a few items on the shelves while she takes notes on a tablet.

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to look at workers compensation

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The gentleman and two workers continue walking around the manufacturing facility.

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indicators.

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The gentleman and a female worker head down another aisle as he points to a few items on the shelves while she takes notes on a tablet.
A graphic overlay animates on with 12 red bars.
TEXT: The Travelers Factor, Over a 12- month period

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Together, we developed risk and injury management strategies that, over a 12-month period,

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A man is showing a physical therapist that he has pain in his right shoulder. A graphic overlay animates on with 12 red bars in descending order.
TEXT: The Travelers Factor, Reduced the customer’s days out of work by 84%³

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had a real impact on days out of work due to workplace injuries,

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A man is getting physical therapy from a female therapist. A graphic overlay animates on with a circle graph.
TEXT: The Travelers Factor, Total costs reduced by⁴ 55%

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and loss costs.

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A construction worker drives a forklift with packages on it, placing them on a shelf.

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Understanding the story your data is telling you can help you prevent accidents, and better manage workplace injuries.

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A man is talking to camera with a garage in the background, and a man is driving a machine carrying packages to a truck.

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This is how Travelers can help you factor in a more strategic approach to workers compensation.

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Travelers logo
To learn more visit travelers.com/Risk Factor
^1,2Travelers claim data, 2016-2020
^3,4Travelers Risk Control Data, 12-month period Results may vary
The Travelers Indemnity Company and its property casualty affiliates. One Tower Square, Hartford, CT 06183
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations. Copyright 2023 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.

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Travelers logo, text: The Risk Factor: Better data, better decisions
A woman is talking to camera with workers in the background soldering metal
A graphic overlay animates on, text: Katelynn Spacher, Risk Control Specialist

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KATELYNN SPACHER: Hot work-related fires can jeopardize the safety of your facilities, operations and people. The factors are worth discussing. I’m Katelynn Spacher and this is the Risk Factor.

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Animation of various numbers and graphs, text: The Risk Factor, Manufacturing Property
2 male firefighters walk past a firetruck as they put their helmets on
A graphic overlay animates on, text: The Cost Factor, Fire damage to manufacturers nationally every year¹, one point two billion dollars animates in a teal circle

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Data over four years reveals that fires cause up to $1.2 billion in property damage to manufacturers annually.

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A worker is using a tool on a metal beam in a shop that is producing a lot of sparks
A graphic overlay animates on, text: The hot work factor, top 5 leading cause of fires²

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A significant portion are caused by hot work activities

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A three-way split screen reveals a worker welding, a tool grinding, and soldering to show heat and sparks

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such as welding, grinding and soldering.

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A manager is walking through a facility alone with boxes all around him

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Imagine the losses from production delays,

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A camera dollies through a manufacturing facility without any workers

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plant shutdowns,

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A man is on his cell phone looking distraught

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and lost customers.

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An animation appears with three circles that connect with a red triangle that lights up in the center, text: The Travelers Factor

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Now, let’s factor in the power of combining data with Travelers expertise.

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A red circle animates on, text: The Travelers Factor, Travelers hot work fire prevention recommendations

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Over an 18-month period, 

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A red circle animates on with text: seven hundred plus manufacturers³, The Travelers Factor, Address hot work risks

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we’ve helped more than 700 manufacturing customers address hot work risks within their organizations.

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A worker is soldering metal with sparks and fire
A graphic overlay animates on, text: The Travelers Factor, create and maintain a hot work safety program, train employees and contractors, designate hot work safe areas

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Turning data into actionable prevention measures.

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A worker is soldering metal pipe outside with sparks and fire
A graphic overlay animates on with a red manufacturing facility icon, text: The Travelers Factor, twenty-five thousand manufacturers trust Travelers⁴

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It’s how we help our 25,000 manufacturing customers manage risks, including hot work fires.

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A worker is grinding and cutting metal inside a facility 

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Factor in Travelers expertise and take a proactive approach to hot work fire prevention.

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Travelers logo, text: To learn more visit travelers dot com forward slash The Risk Factor

¹ NFPA, 2018
² Travelers claim data, 2022
³ Travelers risk control data, January 2022-June 2023
⁴ Travelers data, 2022
The Travelers Indemnity Company and its property casualty affiliates. 
One Tower Square, Hartford, CT 06183 
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations. ©2023 The Travelers Indemnity Company. Travelers and the Travelers Umbrella are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.