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October 2020

Workers Comp Risk Management Is Like Bag of Apples

A Bag of Apples Shows How Workers Comp Risk Management Works Yesterday,  I included a short article with a video from Washington L&I.  The response was very positive on keeping Workers Comp Risk Management toned down to more simplistic terms. The customer is always right. Workers Comp Cost Questions One

Workers Comp Rate Setting Calculation – Short Informative Video

A Good Five Minute Workers Comp Rate Setting Calculation Video This workers comp  rate setting calculation video caught my eye last week.  The State of Washington’s L&I produced the video. Washington is a Monopolistic State.  All employers operating in the state must buy insurance through a state agency.  I am

LCMs – The Hidden Part of the Workers Comp Insurance Process

LCMs – Loss Cost Multipliers – An Important Example LCMs (Loss Cost Multipliers) have many definitions.  The main one that I refer to when asked for a definition is: LCMs are basically the insurance carrier’s deviation from the advisory loss costs that are published by NCCI or your state’s rating bureau.

Workers Comp Markets Affected By Upcoming Election Cycle

Workers Comp Markets – Hard or Soft May Not Matter My brother asked me this question.   Will the upcoming election affect the Workers Comp markets?  He is a day trader of sorts. Writing articles for over 15 years means that I have covered this topic in the past.   My opinion

Contingent Experience Mods – When The Number Is Not the Number

What Are Contingent Experience Mods?  Last week, I wrote a somewhat controversial article questioning whether insurance carriers should be fined for reporting Mods late. I received a few emails and comments with one from the WCIRB directing me to an NCCI video on Contingent Experience Mods. I agree there exist

Self Insured Claims Data – Your TPA Has Many Helpful Options Online

Self Insured Claims Data – Going Beyond A Loss Run J&L examines loads of self insured claims data every month.  Some TPAs offer loads of information that go beyond just reviewing a loss run. Much of the self insured claims data can be reviewed using notifications as bells and whistles. 

Workers Comp Carriers Fined For Late Reporting To Rate Bureaus?

Surprising Number of Workers Comp Carriers Fined For Late Reporting The number of Workers Comp carriers fined for late reporting in 2018 and 2019 may surprise you.   The late reporting referred to in this article stems from insurance carriers habitually reporting the claims data (Total Incurred) late to the rate

What is Earned But Not Reported (EBNR) – Employers Need to Know

Earned But Not Reported Now A Factor With Premium Audits – Employers Be Wary NCCI’s Barry Lipton, Senior Actuary published a post this morning that I read over three times to absorb the theory of the Earned But Not Reported (EBNR) hangover effect.   You can check out the post here

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