Workers Compensation Reserves More Accurate With Fee Schedules Workers Compensation reserves (Total Incurred minus Paid) receive an accuracy boost with fee schedules. Why? – Let us go into the mind of an adjuster getting ready to set permanent file reserves at 60 days. BTW, this articles stems from an
Workers Compensation Reserve Increases 10 Ways To Cause Huge Reserves Most Workers Compensation reserve increases can be controlled by employers. Let us see how employers cause huge ones below. Some of these come from the Six Keys To Saving On Workers Comp insurance that I wrote in the 1980’s. The
Workers Compensation Reserves – The Illusive Moving Target All Workers Compensation reserves have a common element. Very few, if any, employers, actuaries, underwriters, agents, and any other players in this hybrid insurance understand how reserves are set – other than the adjusters themselves. By the way, that is a graphical
How To Negatively Affect The Initial Work Comp Reserves The Work Comp reserves on a file are based on a more complicated formula than just an educated guess. One of the quickest ways to have the claims staff set very high initial reserves is by starting the file with the
Workers Comp Reserve Reviews And Subrogation Our Workers Comp Reserve reviews uncover many concerns on claims handling. Subrogation refers to an insurance company seeking reimbursement from the person or entity legally responsible for an accident after the insurer has paid out money on behalf of its insured. In Workers Compensation,
Term Of The Day – Stair Step Reserving The stair step reserving of Workers Comp reserves is an age-old concern of any party to an insurance or TPA policy. If loss reserves are raised by increments in order to cover the cost of claims expense as they happen, the
Workers Comp Claim Reserving Workers Comp Claim Reserving should be followed closely as part of your workers compensation premium reduction program. One of the most mystifying areas of Workers Comp is in the area of reserving. I have written often on reserves, as believe it or not, they are just
Over-reserving on WC Claims WC claims Over-reserving analyses are difficult.I usually try to post every two days. I have not posted for four days as this area was too complicated to fit into one post. The bottom line is that it is very difficult if not impossible to identify reserves
Automated Workers Compensation Reserves Area Of Concern The Automated Workers Compensation reserves by carriers and TPA’s cause me much concern. Automated reserving is an area of Workers Compensation reserving with certain insurance carriers or TPA that causes me great concern. I have actually been told more than once by a
Workers Comp Claims Reserves Set At 60 Days When are indemnity,medical expense reserves set on your claims? This subject is one of the most confusing and frustrating budget areas for insureds. Workers Comp reserves are very important to companies with a regular commercial insurance policy or self-insureds. Quite often, I
Loss Run Claim Reserve Analysis A loss run claim reserve analysis is one of the most important steps in reducing your workers compensation budget. Are the Workers Compensation reserves correct on the file you are examining? I have posted on this subject previously. As it is a very popular question
Automated Reserving Programs For Workers Comp – Better Than An Adjuster? I received this question on automated reserving in response to yesterday’s post. You had said there are no guidelines for a Workers Compensation Adjuster to set the Workers Comp reserves on a file – How about the automated reserving
