Tis’ The Season For Claim Reviews
Many articles have appeared in this blog on claim reviews.
One of the best methods to keep abreast of your current Workers Compensation claims situation is by reviewing your claims with your insurance carrier.
We have seen many times where reviews are scheduled for the last two weeks of December as the policy renewal is on January 1st. While it is always great to do a claim review, the value of your claims in December has very little to do with your upcoming E-mod calculation, better known as promulgation.
We have been called in to assist with December 31 reviews quite a few times. Unless the policy renews July 1st or later, we usually suggest a reschedule of that meeting as the Workers Comp policies that renew in July or later would be the applicable policies for a December claims review.
Your review should have been in May or June, earlier in the year, as your E-Mod actually pegged at 12 midnight on July 1st. The Workers Comp system is a 6-month delayed system to allow your insurance carrier a longer period for claims development.
There are many schedules for reviews on this blog. Use the search box to find them.
I am not discouraging claim reviews as any review at any time is great. However, the timing of these critical reviews will avoid wasting time when your company (and your insurance carrier) have so much on their plate.
This does not apply to self-insureds as your company or organization should have a Loss Development Factor that is usually tabulated on a very different schedule.
Happy Holidays and remember 3 months after your current policy renews or 6 months before your TPA contract expires is the best time for claim reviews.
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