What does being the largest really mean?
Business Insurance magazine recently released their annual TPA rankings and Sedgwick was again named the largest in the industry. We have been ranked the largest for over a decade based on revenue. Are we proud of that? Of course we are, but not for the reasons you may think. We are proud of it because being the biggest allows us to care more.
We care more about attracting and retaining talented colleagues. Recently, Sedgwick was recertified as an Employer of Choice® for the tenth time. This designation is granted to select businesses that achieve organizational objectives through excellence in leadership, culture and practices that attract, optimize and retain top talent. We earned the award based on survey results from our 13,000 colleagues and an independent third-party assessment of our culture, leadership, care of people and compensation and benefits practices. Sedgwick is the only risk and insurance services organization to receive the designation.
We care more about continually enhancing and expanding our services. To help customers manage medical costs, we introduced our proprietary provider benchmarking and search tool, which helps our team direct employees at the onset of an injury to quality providers with a proven history of superior claims outcomes. To help customers address the growing problem of escalating pharmacy costs and potential opioid abuse, we added complex pharmacy services provided by a team of specialized nurses and pharmacists who are dedicated to improving narcotic management on complex cases. These are just a few recent examples of how we are always looking for new ways to invest in solutions for our customers’ business challenges.
We care more about ensuring that our colleagues have state-of-the-art technology to help our consumers and customers achieve the best possible outcomes. We are also doing all we can to keep customers and consumers informed; with our cloud-based claims management tools, they have multiple ways to view their claims information and stay connected to their Sedgwick team. We recently invested $25 million in software and system enhancements and have an annual technology spend of $100 million.
We care more about providing a positive experience to our consumers. When someone has a workplace injury or illness, is in an automobile accident or suffers property damage at their business, it can be a stressful time. When something unexpected like this happens, a Sedgwick colleague reaches out to the person immediately after a claim is reported to ask how they are doing, make sure they have access to quality medical providers if they are injured, set expectations, answer questions, explain the roles and responsibilities of the team, and assist them throughout the process.
We care more about our industry. Because of Sedgwick’s breadth and depth of experience across many lines of business and industries, we are uniquely able to share perspectives on diverse topics of interest to our industry through webinars, articles, Sedgwick’s edge magazine, presentations at industry conferences, our blog, the Sedgwick Connection and on social media. We also recently introduced the Sedgwick Institute, an interdisciplinary community of thought leaders dedicated to elevating the dialogue around issues impacting the risk and benefits industry. We feel it is our responsibility to join in the conversation wherever our consumers and customers need us.
We care more about the communities in which we work and live, and we encourage our colleagues to share in this spirit. We have donated our time and financial support to multiple organizations over the years such as Enable Community Foundation, which helps people with upper limb differences who need a prosthetic hand; Kids’ Chance of America, which provides scholarships for children of workers seriously injured or killed on the job; as well as St. Jude Children’s Research Hospital and the American Red Cross. Our colleagues have also taken advantage of our corporate matching program with various fundraising projects and donations for disaster relief efforts, military care packages, breast cancer research and many local charities.
We are humbled to again be named the #1 TPA by Business Insurance because being the largest allows us to care more about the things that matter most to our clients, consumers, industry and communities.
Dave North, President and CEO