Now You Have Loss Run Online Access-What Do You Do Now

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Loss Run Online Access Is Just The Beginning 

You have online access or you have all of the loss runs – what do you do now?

You will mainly be concerned with just the reserving part of the claim for now.

Woman Teaching Online Access in computer laboratory
Sage Ross Author Wikipedia

One of the important points to remember is that with a Workers Comp loss run review, you usually cannot really question what has happened in the past, especially on closed claims.

The Total Incurred for a closed claim is the amount paid. There is not much you can do once a bill or settlement has been paid. That is why it is important that Loss Run Reviews are performed quarterly or monthly.

Do you have an email sent to you if reserves reach a certain level or if a massive bill/settlement is being considered? If not, you are leaving an open checkbook against your E-Mod.   

Most insurance carrier or Third Party Administrator computer systems will automatically send you a notice by email when a reserve reaches a certain level.   However, the level has to be set for your company at the beginning of the policy or agreement. 

Without a claims technical background, common sense is the rule for doing loss run reviews. Take a look at the open claims.

  • Does the amount for reserves (Total Incurred minus Paid) look right?
  • Has the claim that was once a more serious claim now resolved itself?

    Paid Stamp Online Access Graphics
    StockUnlimited
  • Is the employee back to work?
  • Do you have an employee on your loss run that is not one of your employees?
  • The list goes on and on for areas to possibly find mistakes in a Workers Comp claims reserve/loss run review.

If you feel that there is still something wrong after doing a self-review, you may want to contact a Workers Comp claims review expert.

Shameless plug – Claims reviews and especially online claims reviews are our specialty along with premium audits.

Up Next – What to Look For in a Work Comp Claims Review Expert

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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