46. Wateridge Carrier A Carrier B Carrier C Wholesaler B Wholesaler A Carrier D Carrier E Carrier F Carrier G Brokerage Services (Flow Chart) Wateridge continually creates competition in the marketplace so you will receive the best possible terms, conditions and pricing year after year. This process is always made 100% transparent to you from the start of the marketing process, thus eliminating the possibility of being “surprised” when the final proposal is presented.
57. Workers Compensation (Unit Statistical Report) What is the Unit Statistical Report? Six months prior to your renewal date of your workers’ compensation policy, your insurance carrier will send a “unit statistical report” to the WCIRB/NCCI which includes your audited payrolls and claim information for your organization. This data is used to determine your experience modification, which determines your premium for the next three years. What does Wateridge do for you? It is critical to review this information for accuracy using an independent experienced licensed claims adjuster and a professional premium auditor to be sure you are not over paying or wasting your hard earned profits. What most employers don’t know is that very few independent agents have access to these resources to do a professional review and to insure that you are not over paying for your workers’ compensation. Wateridge provides you with a hard copy “Unit Statistical Clearance Report” prior to your unit stat reporting date using seasoned claim adjusters and payroll auditors. We review all open claims for the past 3 years to determine if they can be closed or if the reserves can be lowered prior to the reporting date.
58. Workers Compensation(Aggravated Inequity Rule) What is the Aggravated Inequity Rule? Even if you attempt to close all claims prior to your unit statistical date, some claims simply can not be closed in time for various reasons. However, if they are closed prior to your renewal date and if your standard premium changes by more than 5%, you may qualify for the Aggravated Inequity Rule, allowing your carrier to re-file your unit statistical reports and lower your experience modification. This will lower your premium over the next three years. How does Wateridge use this rule to reduce your premiums? Wateridge provides you with a hard copy analysis of your experience modification including the aggravated inequity rule. If the analysis produces a reduction in your experience modification, Wateridge will contact your insurance carrier and WCIRB / NCCI to request a revised mod be calculated. Wateridge will then follow thru with the carrier to issue a return of premium check or audit credit on your account.
59. Workers Compensation(Profit Leak Audit) A common oversight of most employers is in not obtaining an in-depth analysis of their Workers’ Compensation program. Such analysis will expose “profit leaks” in current and past policy years, which not only are driving current and future costs, but also are areas of potential refunds. The Problem Most employers rely on their insurance carrier or agent to make sure they are maximizing their savings under the workers’ compensation system. The problem is that most agents are generalists and do not have a specialized professional staff to help manage your exposures properly. Sometimes the insurance carriers work load is too great to give your claims the appropriate time and attention needed. Over 70% of employers have profit leaks that may result in a premium refund! The Solution Wateridge offers a comprehensive “Profit Leak Audit” by our professionals. It can be done using only three documents and without interruptions of your carrier or current agent. -Complete trend analysis of all claims -Marketplace comparison of carriers -Experience modification analysis & recovery for 3 years -Current classification verification with WCIRB/NCCI -Audit analysis on payroll caps and overtime -Review of audit worksheets for accuracy -Salary in lieu of compensation analysis -Confirmation of 2% safety credit and 5% drug free workplace -Claim status report of all open claims -Claim frequency analysis -Review of medical only claims effect on mod -Aggravated inequity analysis -Credit vs. net deductible analysis -Dividend analysis -Renewal Positioning Strategy
60. Workers Compensation Performance Program Month 1 - Establish a customized industry specific risk management, loss control and other relevant documents - Introductory E-letter - Safety & Compliance Questionnaire Month 2 - Send letter on pre-audit tips Month 4 - Send post-audit letter to obtain audit worksheets and review if requested Month 5 - Complete Unit Stat Clearance Report – This is a review of open claims prior to submission for experience modification promulgation. Month 7 - Complete Experience mod book and review with client Month 12 - Review for Aggravated Inequities Rule - Aggravated inequity comes into effect when claims close after submission of the Unit Stat Cards prior to the policy renewal date, and causes a reduction in the standard premium of 5% or more. (FL, NC, MN, WI only) Month 18, 24 - follow-up
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64. Claim reviews with clients/carrier adjusters/agents on a regular basis
75. Review of final audits and billing for accuracy
76. Risk Solutions - HR and Risk Management Resources Many of our value-added services are extended to you electronically , Wateridge can set up personal Web site which will be set up for you immediately.
