Worker’s comp analysis is where we take your loss runs, take your worksheets from the state, and put them together to ensure that the experience modification is accurate. There have been many times when claims are going on with your worker’s comp, and they need to be reported to the WCIRB (The Workers’ Compensation Insurance Rating Bureau) correctly. The WCIRB is the bureau through the state of California that reports what your worker’s comp rating will be, and that’s the XMOD or the experience modification.
Verify Experience Modification
CRS’s worker’s comp analysis takes all your data and information; we put it together in software. We go through and verify whether or not it’s accurate. After doing this for some time, we know that it is inaccurate 60% of the time. Here is what is interesting. If your experience modification needs to be revised, what we do then is we can go back three years and recover the premium if you were overpaying on your worker’s comp.
So as we do the report, it doesn’t take long for us to order the loss runs and to get the worksheet from the WCIRB. We put that in our program, and it will let us know if the XMOD is accurate. So the first thing we do is request the loss runs and the worksheet from the WCIRB; we send you a DocuSign to authorize us to receive the data. Once that comes back to us, I can do the analysis.
Fast Easy Process to First-In-Class Rates
Then we sit down on Zoom or in person for about 30 minutes, and I can verify to make sure and show you what claims are going on. If the experience modification rate (EMR) is correct, we will also go through and verify what your competitors are paying on their worker’s comp and what you are paying for it. How can we get you better pricing and get your worker’s comp rate lower. Even if you are first in class on worker’s comp pricing, we often look at these reports and see that the worker’s comp rating is good, but it is not as good as they think. I can show you the best rate of what the competitors are paying. The goal is to get you there; how quickly can we get you there, and how much money can we save by getting you there?
Strategic Plan to Correct Recurring Claims
It is usually just a simple 30-minute meeting. I get the reports done, and we do the analysis. Then we know where to go from there. It also opens the door to the next step in putting a plan together to ensure you are paying first-in-class rates for worker’s comp and saving the company money. It also can open the door to start doing risk management about where the claims are coming from. We often go in, and we see that the claims are coming in from slip and fall. There are multiple claims under slip and fall. So then we need to go and implement a strategy to stop that slip-and-fall claim. So the slip and fall claim, let’s say, is always happening in one area on a construction site. We can get in there as fast as possible, and we can mitigate that immediately, and we know we can get the rates down by doing risk management and putting a procedure in place.
If you have any questions regarding this subject matter, please contact or email me.
