Clients save $186,000
Advisor makes startling Experience Modification factor discoveries
One of the competencies of a Certified WorkComp Advisor
is the ability to identify and solve Workers’ Compensation problems,
particularly those that are often overlooked by others. This detailed detective-type
work illustrates the validity of the process developed by the Institute
of WorkComp Professionals in terms of the significant pay off it can have
for employers.
One Advisor’s diary is a catalog of catastrophes that were averted
in a variety of industries. It points the value that a properly trained
Advisor brings to clients:
• January: Helped a former client recover 52 Experience Mod points
for three years due to a subrogation recovery of a 2001 claim that either
wasn’t reported correctly or missed by the current insurance agent.
Result: recovery of $17,000.
• February: Assisted a client recover 13 Experience Mod points for
three years due to a 1999 subrogation claim that was not reported correctly.
Result: recovery of $14,000.
• February: Assisted a client with claims that were coded and then
reported incorrectly to NCCI by the carrier. This led to a recovery of 17
Experience Mod point for three years. Result: recovery of $8,000.
• April: Assisted a client with 90% of their claims for two years
that were coded and reported incorrectly to NCCI by the carrier. We recovered
41 Experience Mod points for two years. Result: Recovery of $37,000.
• April: Assisted a client recover 40 Experience Mod points for three
years due to errors in statistical coding to NCCI by the insurance company.
Through additional consulting, the client has saved an additional $29,000
on classification corrections from the last audit. Results: a recovery of
$46,000 plus a savings of another $29,000 or a total of $75,000.
• May: Assisted a client with claims that were coded and reported
incorrectly to NCCI by the insurance carrier. This led to an Experience
Mod recovery of 29 points for two years. Results: a recovery of $7,000.
• May: Assisted a client with claims that were coded and reported
incorrectly to NCCI by the insurance company that resulted in a recovery
of 26 Experience Mod point for four years. Result: Recovered $7,000 for
the client.
• June: Helped a client with claims that were improperly coded and
reported to NCCI by the insurance carrier and recovered 12 Experience Mod
points in two years. Result: $7,000 recovered. There will be addition premium
savings in the third year.
• August: Assisted a client with claims which were reported incorrectly
by the carrier and recovered 80 Experience Mod points in three years. Result:
recovered $28,000.
Advisors know the importance of verifying Workers’ Compensation data.
As these accounts indicate, it makes a difference to clients having an Advisor
who takes the necessary time to make sure the records are correct. |