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Workers’ Compensation: Policy & Market Trends

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.

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Workers’ Compensation: Policy & Market Trends

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  1. Workers’ Compensation:Policy & Market Trends Dennis J. Powers Jr. AIC, ARM, CPCU Lamb, Little & Co.

  2. Market Conditions

  3. Market Conditions

  4. Market Conditions

  5. GUARANTEED COST A classic method of risk transfer: You pay the carrier premium to cover your claims.

  6. 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.

  7. The Premium Summary • Classifications • Experience Modification • Schedule Credit

  8. Class, Definition & Rate

  9. Exposure/100 x Rate = Manual Premium 10,000 x 5.02= $50,200 Class, Definition & Rate

  10. ?

  11. Experience Modification Factor

  12. Experience Modification Rating • NCCI • Set Formula • Historical Picture • Comparison

  13. Section A

  14. Section B

  15. Section B

  16. Section b

  17. Section b

  18. Section C Your Information

  19. ?

  20. What Can You Do?

  21. This is where all the companies are going to be different. The more you bring to the table, the more aggressive you can be.

  22. What Can You Do?

  23. Effective Claims Management:Your Toolkit To Reduce Claims Exposure George M. Canavan, AIC Lamb, Little & Co.

  24. ?

  25. What is the Employer’s Exposure according to the Illinois WC Act?

  26. Early Reporting Delay in reporting a claim increases costs Source: Liberty Mutual Data Warehouse

  27. Accident Investigation Don’t Underestimate Anything Treat Every Incident The Same Freeze The Facts – People’s Stories Change

  28. Time Card

  29. Accident Investigation Reports

  30. Report Your Claims! • Delay in Reporting Can Be Expensive • Threat of Litigation • Slows Down Claims Investigation

  31. $ Return To Work

  32. 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.

  33. Claim Reviews

  34. 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

  35. Safety & Loss Control Bill Crimmins, CSP Titan Risk Management, LLC

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