720 likes | 883 Views
Workers’ Compensation: Policy & Market Trends. Dennis J. Powers Jr. AIC, ARM, CPCU Lamb, Little & Co. Market Conditions. Market Conditions. Market Conditions. GUARANTEED COST. A classic method of risk transfer: You pay the carrier premium to cover your claims. . GUARANTEED COST.
E N D
Workers’ Compensation:Policy & Market Trends Dennis J. Powers Jr. AIC, ARM, CPCU Lamb, Little & Co.
GUARANTEED COST A classic method of risk transfer: You pay the carrier premium to cover your claims.
GUARANTEED COST Pro: Your cost is fixed, regardless of claims experience. Con: You flex with the marketplace and the status of your industry’s loss history.
The Premium Summary • Classifications • Experience Modification • Schedule Credit
Exposure/100 x Rate = Manual Premium 10,000 x 5.02= $50,200 Class, Definition & Rate
Experience Modification Rating • NCCI • Set Formula • Historical Picture • Comparison
Section A
Section C Your Information
This is where all the companies are going to be different. The more you bring to the table, the more aggressive you can be.
Effective Claims Management:Your Toolkit To Reduce Claims Exposure George M. Canavan, AIC Lamb, Little & Co.
What is the Employer’s Exposure according to the Illinois WC Act?
Early Reporting Delay in reporting a claim increases costs Source: Liberty Mutual Data Warehouse
Accident Investigation Don’t Underestimate Anything Treat Every Incident The Same Freeze The Facts – People’s Stories Change
Report Your Claims! • Delay in Reporting Can Be Expensive • Threat of Litigation • Slows Down Claims Investigation
$ Return To Work
Return to Work (Cost/Benefit) • Per NCCI, the median incurred cost of a WC claims exceeding more than 7 days of lost time from work is $31,600. • Claims under 7 days of lost time, the average claim is <$10,000.
Claims Handling Assessment • Designated Claim Handler • How Do Employees Report New Claims? • Accident Investigation • Subrogation Investigation • Time Sheet • Initial Explanation of Claims Process/Benefits to Emlployee • Claim Reporting to Insurance Carrier • Initial Medical Care • Internal Claims Management Procedures • Supervisor/Management Training • Return To Work Programs • Establish Special Claim Handling Instructions
Safety & Loss Control Bill Crimmins, CSP Titan Risk Management, LLC