Does the files are correct on Workers Compensation reserves? I have posted on this subject previously. As it is a very popular question that we receive, I will cover the subject again. The steps to finding out are:
- Obtaining online access or Workers Compensation loss runs
- Understanding which claims will affect your NCCI or State Rating Bureau Experience Mod (E-Mod/X-Mod)
- Understanding which claims will be examined when an insurance company provides a quote
- Understanding how your claims affect your insurance premiums
- Examining and understanding what the three factors of a reserve are and which ones can be analyzed
- Understanding the difference between a Workers Comp claim review, reserve review, and premium audit
I will cover these in groups of three over the next two posts. Quite a few of these topics have been covered in prior posts. Feel free to use the Search box to find my prior posts on this topic. The steps for self-insureds/large deductibles are different. We will cover those in later posts.
Article provided by James J Moore, AIC, MBA, ChFC, ARM. All articles are original content. Check out the full website at www.cutcompcosts.com.