Your Executive Briefing
Understand the critical impact of your Experience Modifier on your Workers' Compensation premium and gain valuable insights into your company's performance with a personalized Workers Compensation Executive Briefing Report, which includes key metrics like your Minimum Experience Modifier, Controllable Experience Modifier, and Ultimate Cost of Loss.
How the Experience Modifier Impacts Your Workers' Compensation Premium
"If you can not measure it, you can not improve it." - Sir William Thomson (Lord Kelvin) c.1884
When you understand you are repaying for any and all injuries, with interest, it is important to determine whether you are doing a good, fair or bad job. Think of it this way, a 1.000 Experience Modifier is "Average", like earning a "C" in school. Would you prefer to have a "B", or better yet, an "A" grade! So what would your experience modifier need to be to receive an "A"?
Are you improving or trending in the wrong direction? There are certain data points we suggest every executive analyze every year, so you can benchmark your progress. These can be complied into what we refer to as Your Executive Briefing.
Your Executive Briefing includes:
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Your Minimum Experience Modifier – How low can your experience modifier go? If you do not know this, how can you benchmark how much extra money your claims are costing you?
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Your Controllable Experience Modifier – The gap between your current experience modifier and your desired, minimum experience modifier. In essence, your controllable modifier the difference in additional premium you currently are paying over your minimum experience modifier.
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Your Ultimate Cost of Loss, a.k.a. Your Payback Ratio – For each dollar the insurance company spends for an injury, how much are you paying back to the insurance company for that injury over the three years that it impacts your experience modifier?
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Your Actual Losses versus Expected Losses – Are you doing better or worse than average? This report shows you a year by year comparison of how much your claim dollars are in comparison to what the rating bureau expected based on your reported payrolls.
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Your Experience Modifier State Ranking – In some states, you can measure your performance against your peers
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Your Statistics – Your year by year snapshots of your injury data: number of injuries, number of lost time injuries, number of near misses, experience modifier history, net rate the insurance company is charging you, or any statistic your company merits. Learn more about using OSHA Records as a Benchmark here.
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Trending Your Statistics – If you are growing, you should all of the above statistics using consistent comparative basis such as full time equivalent employees, hours worked, or total operational payroll to that the change in size of your company does not skew your statistics.
Benchmark your results. If you do not measure it, you cannot determine if you are doing a good job or not. You must focus long term to earn an “A” on your modifier report card.
Want to Understand More About Your Company's Experience Modifier? Get a Personalized Workers Compensation Executive Briefing Report!
Don't Just Take Our Word for It! Real Businesses, Real Results
David, I just can't thank you enough to finding and returning to us the $27,438 in overcharges from our last two years of audits. I only wish we had been allowed to go back to the prior years to recover money. More importantly, you provided us with a process so that we can avoid being overcharged in the future by the insurance companies.
I just cannot thank you enough for helping us to take control of our work comp. In addition to making my life easier by helping to manage our claims, your team helped us create a very strong safety culture. Our injuries are down significantly, but more importantly, you helped reduce our work comp premium by over $80,000 a year.
David, you and your East Coast Risk Management team blew us away. First, your team recovered over $42,000 in overcharges that my agent allowed to happen. Second, over the next 7 months you overhauled our safety programs and hiring process. Your injury management team minimized a potentially uncontrollable and ugly claim which would have cost us tens of thousands of dollars in additional premium and rehiring costs. Third, your negotiations with our insurance company resulted in an additional $49,387 (44%) reduction in my workers compensation renewal premium. We figure you have added over $100,000 to our bottom line in just 1 year. Thanks!!!!
Throughout David’s career he has always been on the forefront of thinking. His understanding of insurance and specifically workers' compensation allow him to see things and establish practices that others eventually follow. David takes an entrepreneurial approach to problem solving resulting in both savings and added protection for his customers.
I first became acquainted with David’s knowledge of Workers’ Compensation when I attended a seminar in 2007. I took the opportunity to meet with David to discuss better ways we could handle not only our Work Comp claims, but how we needed to drastically overhaul our HR processes. The Benefits have been multitude. I have great confidence in ultimately can make a company more profitable.
9 months ago I hired Duncan and their East Coast Risk Management to implement their Risk Solutions Program. As a result, I just saved $57,494 on my insurance renewal - That's 42%. Duncan met with me and my employees, toured my facility and put together an aggressive Risk Solutions Business Plan. They started implementing immediately and are in our plant several times each and every month.
David Leng is very knowledgeable about Workers’ Compensation and a pleasure to work with. His knowledge allowed our company to reduce its Workers’ Compensation premiums by almost 55%.
Working with Duncan we were able to enhance the safety culture in our organization and reduced our Workers’ Compensation costs by over $300,000 a year.
Duncan found that my experience modifier was WRONG!!!! Not one of over a dozen plus agents that I spoke to previously saw that! They were able to get my experience modifier corrected, and force my insurance companies to return over $86,000 to me! They leveraged what safety changes they implemented and obtain an insurance policy at our renewal that was over $100,000 lower. In a span of 4 months, they put almost $200,000 back in my pocket!
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