COLUMBUS, Ga., April 2, 2014 /PRNewswire/ -- A new survey
released by Aflac (NYSE: AFL), the leading provider of voluntary
insurance in the United States,
found that 42 percent of all companies providing access to
voluntary accident and disability insurance reported declines in
their workers' compensation claims.
The Aflac Workers' Compensation Report, an online survey
conducted by Lieberman Research Worldwide on behalf of Aflac, asked
600 employers from small, medium and large U.S. companies if they
provided employees with access to accident or disability insurance
and, if so, whether they noted a corresponding decline in workers'
compensation claims.
When responses were broken down by company size, the survey
found that 55 percent of large companies that provide access to
accident insurance experienced declines in workers' compensation
claims, while 34 percent of small- and medium-sized companies each
reported declines. These findings are important considering
workers' compensation benefits paid to injured workers in 2011
rose, costing American employers $77.1
billion.1
"For years, insurance agents and brokers have heard anecdotal
rumors linking voluntary accident and disability insurance to
reduced workers' compensation claims, and we learned the anecdotes
are true based on our recent study results," said Tye Elliott,
Aflac vice president of Core Broker Sales. "These findings confirm
the correlation between accident and disability insurance and
reduced workers' compensation claims. Employers can now weigh the
potential positive financial effects of offering accident and
disability insurance against the costs of workers' compensation
claims."
Measuring the impact of voluntary accident and disability
insurance on workers' compensation claims
In addition to asking employers if they could confirm declines
in claims, the survey also inquired about the significance of those
declines.2 Here are the responses of companies that
provide access to voluntary accident insurance:
- 14 percent of all employers reported declines of 50 percent or
more, while 17 percent reported declines of 25 to 49 percent.
- 12 percent of large-sized businesses reported reductions of 50
percent or more, while 29 percent reported declines of 25 to 49
percent.
- 13 percent of medium-sized businesses reported reductions of 50
percent or more, while 14 percent reported declines of 25 to 49
percent.
- 15 percent of small-sized businesses reported reductions of 50
percent or more, while 9 percent reported declines of 25 to 49
percent.
The findings were similar for companies that provide access to
voluntary disability insurance — nearly half (47 percent) of large
employers reported overall decreases in workers' compensation
claims. In addition, 43 percent of small companies and 33 percent
of medium companies reported declines. Respondents were also asked
if they could gauge the significance of the declines:
- 15 percent of all employers reported declines of 50 percent or
more, and 15 percent reported declines of 25 to 49 percent.
- 11 percent of large employers reported declines of 50 percent
or more, while 20 percent reported declines of 25 to 49
percent.
- 18 percent of medium employers reported declines of 50 percent
or more, while 7 percent reported declines of 25 to 49
percent.
- 18 percent of small employers reported declines of 50 percent
or more, while 17 percent reported declines of 25 to 49
percent.
What do these findings mean for companies? According to Elliott,
"The results demonstrate that by making voluntary accident and
disability insurance available to employees, companies can often
decrease the frequency and expense of their workers' compensation
claims."
To learn more about voluntary accident and disability insurance,
visit aflac.com or follow @aflac on Twitter.
About The Aflac Workers' Compensation Report
The Aflac
Workers' Compensation Report reflects a survey conducted in
Nov. 2013 by Aflac and Lieberman
Research Worldwide. Survey participants included 600 employers at
small, medium and large U.S. companies. Small employers are defined
as those with 3-99 employees. Medium employers are defined as those
with 100-499 employees. Large employers are defined as those with
500 or more employees.
About Lieberman Research Worldwide
Lieberman
Research Worldwide (LRW) is one of the largest privately-held
marketing research consultancies in the world known for its ability
to turn insight into impact for its clients. LRW employs a unique
"so what?®" consulting model and leverages its industry-leading
Marketing Science team and Pragmatic Brain Science Institute® to
help clients on a range of business issues including product
development, brand strategy and tracking, customer experience,
market segmentation, pricing.
About Aflac
When a policyholder gets sick or hurt,
Aflac pays cash benefits fast. For nearly six decades, Aflac
insurance policies have given policyholders the opportunity to
focus on recovery, not financial stress. In the United States, Aflac is the leading
provider of voluntary insurance at the worksite. In Japan, Aflac is the number one life insurance
company in terms of individual policies in force. Aflac individual
and group insurance products help provide protection to more than
50 million people worldwide. For eight consecutive years, Aflac has
been recognized by Ethisphere magazine as one of the World's Most
Ethical Companies. In 2014, FORTUNE magazine recognized Aflac as
one of the 100 Best Companies to Work For in America for the 16th
consecutive year. Also, in 2014, FORTUNE magazine included Aflac on
its list of Most Admired Companies for the 13th time, ranking the
company number one in the life and health insurance category. Aflac
Incorporated is a Fortune 500 company listed on the New York Stock
Exchange under the symbol AFL. To find out more about Aflac, visit
aflac.com or espanol.aflac.com.
1 Workers' Compensation: Benefits, Coverage, and
Costs, 2011, National Academy of Social Insurance, August 2013, accessed on 2/21/14
(http://www.nasi.org/press/releases/2013/08/press-release-workers-compensation-benefits-employer-cost)
2 Critical Care and Recovery Quantitative Study LRW
and Aflac, December 2013. Significant
declines are defined as reductions in workers' compensation claims
of 50 to 74 percent; very significant declines are defined as
reductions in workers' compensation claims of 75 percent or
greater. Moderate declines are defined as reductions in claims of
25 to 49 percent.
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Media
Contacts:
|
Kip
Havel
|
Cathleen
Bleers
|
Aflac
|
Hill+Knowlton
Strategies
|
706.243.5543
|
312.255.3123
|
mediarelations@aflac.com
|
cathleen.bleers@hkstrategies.com
|
SOURCE Aflac