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WCTI Presentation of Services Angie Blakeney Senior Account Executive

WCTI Presentation of Services Angie Blakeney Senior Account Executive. What is Self Insurance?. Self insurance is a protected assumption of financial risk that enables an employer to increase control and stabilize insurance costs over time.

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WCTI Presentation of Services Angie Blakeney Senior Account Executive

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  1. WCTI Presentation of Services Angie Blakeney Senior Account Executive

  2. What is Self Insurance? • Self insurance is a protected assumption of financial risk that enables an employer to increase control and stabilize insurance costs over time. • The self insurance industry currently represents between35% - 45%of thetraditional insurance market place.

  3. WCTI Structure • Loss Sensitive Funding - Members with Low Losses Experience the Greatest Savings • Owned by the Members • Governed by Board of Trustees • Determine Rates • Underwriting Criteria • Vote on New Members • Hire TPA • Regulated and Audited by Illinois Department of Insurance

  4. WCTI Program Information • Self-Insured Group that provides Workers’ Compensation for Illinois Manufacturers • Established in 1981 • 120+ Members • $14.6 million Standard Premium • Loss Ratio for Group 35% • Average Mod .84 • Average Standard Premium $119,620

  5. Sample Classes of Business • Metal Goods • Plastics • Precision Parts • Wire Goods • Machine Shops • Printers • Food/Sundries • Gear/Screw

  6. Distribution of WCTI Standard Premium Dollars *Unused claims dollars are returned to the members.

  7. WCTI Eligibility • Illinois Manufacturing or Related • Minimum $30,000 Standard Premium • In Business Minimum 5 years • Good Workers’ Compensation History • Minimal Chemical Exposure • Group Health Coverage Required

  8. Reinsurance • Safety National Casualty Corporation – A+ (Superior) • Self Insured Retention $550,000 • Aggregate 80% Annualized Standard Premium for Group

  9. Safety & Risk Management Services • Minimum 4 visits per year • Representation at OSHA formal hearings • Tiered Safety Audit (MSAP) w/Ergonomics as Emphasis • Quarterly Train the Trainer and Task Force Meetings • Training (English and Spanish) • Employee Orientation • Accident Investigation • Forklift • On-line Training

  10. Claims Services • Designated Claims Rep • Light Duty is Required • On line Claims Access • Case Management Nurses on Site • Control over Claims $ • No Paying Small Claims Out of Pocket

  11. Acceptance Process • Underwriting & Excess Approval • Presentation of Quote to Insured • $500 Loss Control Inspection • Loss Control Committee Approval • Board of Trustees Approval

  12. Why Self-Insure? • Potential for Return of Contribution • Decrease in Claims Cost • Customized claims and loss control service • Ability to exert control over claims administration process • Elimination of uncertainty in primary insurance market • 99% Retention Rate for WCTI

  13. THANK YOU FOR YOUR TIME!

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