Examining your claim
reserves can save money
Every Workers’ Comp claim is unique. Age, occupation, severity of
injury, pre-existing conditions, etc. have a great influence on the expected
outcome and, as a result, the claim reserve. While there are no official
industry standards to determine a reserve, the reserve represents the adjusters
opinion of the ultimate cost of the claim and is used in determining the
cost of your Workers’ Comp.
In determining the costs of Workers’ Compensation incurred losses
include not just what the insurance company has paid out for the claim,
but also the reserves that the insurance company has established for the
claim. For this reason, it’s important to closely examine all claims
that have significant open reserves to determine if they are excessive.
By working with your Certified Work Comp Advisor, you can determine if the
length of disability and suggested treatment plan are consistent with Evidenced
Based Disability Guidelines. When there appears to be a discrepancy, a cooperative,
congenial approach with the adjuster can be effective in reducing the reserve.
|