One of most requested services is our reserve analysis and review. Many insureds have questions about how their claims were handled by the adjuster. Often times, the adjuster has performed well. However, there are instances where the claims adjuster did not do their job.
One of the most common errors is to over-reserve the files. An adjuster usually has to set an initial reserve at 14 days with a final reserve at 60 days after the claim was received by the carrier or Third Party Administrator. The 14-day reserve usually occurs after benefits are paid or denied on the file.
A reserve analysis and review needs to be performed at least once per year of more. The review must start at least 90 days after your policy renewal to have any effect due to the UNISTAT Date.
File performance audits and reserve reviews are part of our Workers Comp Risk Management services. We provide a holistic view of the process from the time the claim is received until the last premium audit billing is published for that file. We do not just do premium audits or reserve/performance audits.
Our list of services covers what we do on a daily basis for employers.
J&L Risk Management Consultants, Inc. has the experience and expertise to wade through all of the confusion and help your company reduce its insurance budget.
The reserve analysis and review always starts with the workers’ comp loss run of all open claims.
Our reserve analysis and review services are unique to J&L’s full Risk Management package that we bring to bear.
We uniquely offer the service as a standalone to map out your reserves.
Just looking at the last three years loss runs are no longer work in today’s predictive analytics environment. Most underwriters now look back five to seven years in the past.
The Mod systems does not hold the same weight with underwriters and insurance carrier risk managers as in the past. Many carriers consider the E-Mod or X-Mod as a starting point.
We have had great success in the past auditing premiums, verifying e-mods & class codes, double checking rates, and helping employers resolve disputes with their carriers. Your money could be in the hands of your insurance carrier. Get workers comp advice now and get that cash back where it belongs.