Accident Year Data – Workers Comp Term
I like to refer to this type of data as snapshot data as an employer can hone it on a variable or a given period of time and analyze it very heavily. One has to be very careful of just examining one year of accident data. Actuaries and statisticians call this the naive approach to data analysis.
We always recommend using the last five years of data at a minimum if you have that information available. There are many sources to compile this data. The use of Excel or Quickbooks is a great method to analyze the data.
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