Real Estate Developer
Builds on $100,000 Savings and Lower Experience Mod
Insured
A large multi-state owner/developer of residential and commercial property.
Situation
The company was using a large insurance agency/broker who was having difficulty
managing the company’s claims in a multi-state environment. This complexity
requires expertise as well as the time and resources to provide an adequate
service level. Unable to get a handle on the Mod credits, the Experience
Mod was beginning to climb.
Assessment
Certified WorkComp Advisors (CWCAs) conducted an analysis and discovered
numerous errors in the reporting of the data to the various state ratings
boards that were not being closely monitored. The company signed a BOR agreement
and the CWCAs went to work.
Solution
The CWCAs immediately set up a program to favorably adjust the Mod by regularly
checking and coordinating the loss-run ratios. They also put in place a
monthly telephone review of all claims and open cases, set up a quarterly
meeting and action plan aimed at minimizing the reserve, instituted early
involvement with a nurse-care manager, and launched an aggressive Return-to-Work
campaign, all working towards the goal of lowering the Mod and reducing
premiums.
Result
Because of the work by the CWCAs, the client’s Experience Mod came
down and the client received a total return of $100,000 in premiums. |