NCCI State Advisory Meetings – Golden Nuggets of Info Treasure Chest
The NCCI State Advisory Meetings also called Forums still provide a huge amount of information for agents, employers, underwriters, adjusters, and other data wonks. I have recommended this area of NCCI for at least 15 years.
NCCI is the rating bureau for 40 states – based in Boca Raton, FL. In the late 1980s and 1990s, I used to work across the street from their HQ.
Now, of course, they record the meetings due to COVID-19. Even if they do not have a state forum in your area, the NCCI state advisory meetings can provide you with a ton of great info. Follow along here and I will show you my angle on the data provided by NCCI.
Let us look at Arkansas – hang on a minute – this is going to prove itself to be worth your time (promise).
NCCI analyzes data in Arkansas or any state at:
- State Level – as expected
- Regional Level – are you thinking of expanding into other states?
- National Level – compared to the US stats
You can find the Arkansas Forum pdf here. Download it, no really go ahead and download it. Go to Slide 44.
In one slide you can see very quickly the Indemnity and Medical Benefit-Cost split in Arkansas, and in the region:
The national statistics are also represented on the slide. Wow, a plethora of info in 10 seconds – not bad, right?
In case you do not know what is included in indemnity and medical benefits, there is a slide for that info. See Slide 56 for a full glossary of terms. By the way, NCCI does not mind if you download their presentation slides (thanks NCCI).
OK for those who did want to download the slide, here is the thumbnail of the slide, click on it to see a larger picture.
Three things you can quickly take from just one chart are:
- Arkansas’s indemnity benefits are lower than the region and the US
- The region’s benefits costs are very similar to the US
- Medical benefits are 56+% of a workers comp claim compared to 65% for Arkansas
The regional figures remain one of the best comparisons for companies that:
- Agencies that want to write in more states
- Employers considering expanding into states in that area
- Arkansas employers looking to expand
- Risk managers can use this info to the nth degree
The Kid’s Chance organization on slides 39 – 41 should always be a stopping place to read about a great grass-roots organization started in 1988 in Georgia. They provide scholarships to the children of very severely or fatally injured workers across the nation.
If you want to instead see the presentations online, NCCI State Advisory meetings can be viewed by clicking on the respective state.
©J&L Risk Management Inc Copyright Notice