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August 2013

Two Books That Every Insurance Employee Should Read

Two Books That Will Help Any Person In The Insurance Industry The two books that any insurance employee should read contains serious dialogue with Drucker and lighter fare by Heller.  Many times over the years, I have been asked what book that I would recommend for people working in insurance

Two Strongest Phrases In Workers Comp Based On Manners

The Two Strongest Phrases Have Manners Behind Them The  two strongest phrases in Workers Comp causes more successful interactions than almost any other words.   In the age of texts, tweets, emails, Facebook posts, etc., there is always a great time to be old school.  In any insurance job, from agents

Settlement Authority – Should Adjuster Ask Insured?

Settlement Authority Should Be In TPA Contracts or Policies  When should the adjuster settlement authority be approved by the insured? One of the most repeated comments we hear when reviewing claims loss runs is an adjuster settled or agreed to accept a file without the insured agreeing to the settlement.

Six Ways To Leverage Your Workers Comp Premiums For Savings

Six Ways To Leverage What Premiums Are Paid Out The  six ways to leverage your Workers Comp premiums are listed below.  Workers Compensation is almost always considered an expense.  What if an employer decided to analyze WC as an investment? The definition of leverage in this case is borrowing or

National Academy Of Social Insurance – Employer Cost WC +7.1% 2011

National Academy Of Social Insurance  (NASI) The NASI takes on a monstrous task every year of attempting to make sense of Workers Comp data on a national basis.  NASI’s recent report and press release basically had a misleading headline that Workers Comp costs increased due to an economic recovery.   That

PPO or MPN Network Where Paying More Is Goal

PPO or MPN Network vs Supply and Demand A PPO or MPN network where paying more remains the goal? This article is related to yesterday’s post on Obamacare and medical treatment rationing.  A phone call from one of our long-term readers basically said that I was crazy to think that

Could Obamacare Cause Workers Comp Medical Treatment Rationing?

Medical Treatment Rationing Possibility Would Obamacare cause Workers Comp medical treatment rationing?  Over the past few years, I had commented very often on the interfacing of Obamacare with Workers Compensation.  The number one effect that seems to go unmentioned is the fact that medical care may (keyword may) be rationed

Offshore Captives Are Examined Again By IRS – Audit Guide

IRS Takes Another Look at Offshore Captives A few years ago, I warned that the IRS was beginning to examine captive more closely – mainly offshore captives.  At approximately, the same time, the IRS decided that offshore captive arrangements were just fine.  There was no need to make any new

WCIRB ‘s New Mod Formula Hefty Effects Small California Employers

WCIRB ‘s New Mod Formula – Small Employers Must Enact Safety Programs Now WCRIB’s new mod formula will heavy affect small employers with a less than stellar safety record. Last Friday, I briefly covered California’s WCIRB and the change in the X-Mod Calculation effective 1/1/2013.   I thought I would

Most Expensive Classification Code in Texas Is USL&H Code

The Most Expensive Classification Code in Texas Involves USL&H The Most Expensive Classification Code in Texas. I was working on a project for a client that had a large % of their operations in Texas.  The Texas Relativity schedules for 2013 (usually known as Classification Codes) indicated that 6874F was

Californias WCIRB New X-Mod Formula Penalizes Unsafe Employers

Californias WCIRB X-Mod Formula Heavily Penalizes Small Unsafe Companies This month Californias WCIRB produced a new small employer X-Mod formula. Yesterday, I attended the WCIRB Conference in Burbank, CA.  The WCIRB makes one work in their workshops.   They always put on great workshops. One of the things I noticed

California’s WCIRB – Rather Active Lately With Formula Changes

California’s WCIRB Changing X-Mod Formulas  I am actually traveling on my way to a one-day WCIRB conference in Burbank/LA tomorrow.  I noticed that the WCIRB had a two different press releases today.I wanted to publish this info as soon as possible as there are a few major changes to the

Economic Recovery Happens And Learning Curve Kills (Literally)

Economic Recovery Begets The Learning Curve Dark Side The economic recovery may happen soon – or then again possibly not for a long time.  One of the most ignored equations or proved theories is the Learning Curve.  In my actuarial degree, this was one of the glossed over management equations

Workers Compensation Experience Rating System Big Falsehood

The Big Falsehoods Of Workers Compensation Experience Rating Systems The Big Falsehoods of Workers Compensation experience rating system involve advisory rate accuracy.  I recently received an email from a regional insurance company reporting that a certain state had an 8% reduction in the advisory rates also known as loss costs.

Workers Comp Audit Dispute Question From Twitter Tweeter

Audit Dispute Question From A Twitter Follower Our Workers Comp Twitter handle received an audit dispute question from a Twitter Tweeter. Can an insurance carrier perform a mid-term audit and  then come back in for another audit after the policy expires?   That seems to take up a large amount

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