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5730 Corporate Way, Suite 230 West Palm Beach, FL 33407 Toll Free : 800-883-5600 |
Experience Modification Reports:
• Mod Verification - verifies the accuracy of the experience modification rate calculation.
• Mod Projection - projects the next experience modification rating.
• Mod Promulgation - creates an experience modification rating worksheet for insureds not eligible for an NCCI experience modifier but would like to know what it might be were they experience rated.
Mathematical Models:
(Includes Current NCCI Split Point)
• Math Model A: Calculated by applying a $2,500 deductible to all claims which will determine the impact of deductibles on the experience modifier (applicable in certain states)
• Math Model B: Calculated by removing claims $5,000 or less which will determine the impact of frequency on the experience modifier
• Math Model C: Calculated by removing all losses over $5,000 which will determine the impact of severity on the experience modifier
• Math Model D: Calculated by combining payroll and loss experience for two or more companies based on information included in current experience modification calculations which will determine the impact of payroll and loss experiences
Reports for Prospects:
Prospects need to see a cost/benefit analysis before they choose you as agent of record. AcuComp has developed several analytical reports using the prospects data which will indicate the extent of potential reductions in their worker’s compensation premiums.
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The turn-around time for prospect reports is three (3) business days. We understand that in this situation, timing is critical.
Reports for Insureds:
• Claim Status Reports shows collected claim file documentation and corresponding reserve reductions. This service is automatic. All loss runs are processed and open claims with high reserves are placed under audit to be reviewed twice a year, at policy renewal and unit stat plan filing.
• Actual Liability Avoided report shows the dollar value and liability avoided due to the system’s effectiveness. This report captures all reserve reductions for an agency or insured.
• Claim Under Audit report shows the complete list of open claims currently being audited for an entire agency or for an individual insured. This list represents losses monitored by the Claims Department at unit stat filing and policy renewal.
• Cumulative Activity Report shows the number of insureds enrolled in AcuComp, the number of claims audited – both open and closed, and shows the overall dollar reduction in reserves. These figures correlate to show the impact of reserve reductions on experience modifiers in terms of mod point decrease. This report is the agency “scorecard” also utilized in prospecting.
