by Kory Wells, WorkCompEdge Blog Editor
Sometimes we think of technology only as an expense, but when it’s well-implemented, it can be an effective time and money saver. Today’s blog features news about a cost-effective work comp webinar at which you can train a room full of people at one low price; Kindle delivery of our blog; and a free newsletter that will bring you more technology tips on a regular basis.
Interested in workers compensation training?
Bill Wilson from the Big "I" Virtual University will be offering a comprehensive experience rating webinar in January.
Better understand – and communicate with others about – the experience rating mod, premium overcharges, expected loss rates, loss runs, and more. Our friend Bill Wilson, Director of the Big “I” Virtual University (VU), will be offering a Workers Compensation Experience Rating Webinar on January 14, 2010, from 2:00 – 4:00 p.m. EST. We heartily recommend that you check it out (and no, we don’t receive any type of compensation for making that recommendation). Here’s a description of the class from the VU:
What do these numbers have in common: $30,000. $16,000. $23,000. $199,957? They’re all real-life examples of premium overcharges due to workers compensation experience mod errors. In each case, a bidding agent was able to take these accounts away from an existing agent who was not vigilant in monitoring the insured’s mod. In this webinar, Bill Wilson, CPCU, ARM, AIM, AAM, director of the Big I’s Virtual University will show you how to decipher a mod worksheet and explain it to an insured or prospect. You’ll learn what information is needed to monitor, check and project mods, how to calculate a mod from scratch, and how to identify and correct worksheet errors.
More specifically, Bill will explain what experience rating IS and what experience rating is NOT. This is critical to understanding how an insured can have a relatively high mod with what appears to be good loss experience. Through exercises, you’ll be able to determine when an account is eligible for experience rating…and when it’s not (something good to know if the insured has a debit mod). Also examined is the impact of ownership changes on the mod when someone sells a business to a newly created corporation in an attempt to revert to a 1.00 mod.
Using a carpentry contractor as an example, this webinar will identify the sources of information you’ll need to check or calculate mods, from the worksheet to loss runs and audit reports. Then you’ll examine every single entry on a mod worksheet, from Expected Loss Rates to D-Ratios and Weighting to Ballast values. You should then be able to explain these items in a way your insureds can understand.
At that point, another example business will be used to go through a complete exercise of calculating an experience mod from scratch. Following that is a discussion of related issues such as when changes can be made to the mod after policy inception, the impact of loss frequency on a mod, how deductible plans work, the importance of loss control, and an overview of interstate rating.
The webinar will conclude with a comprehensive analysis of a final business where you’ll use loss runs, audit reports, and other information to find multiple errors on their mod worksheet. Included in this webinar is a full PDF workbook (with separate appendix) which has dozens of real-life examples and exercises. All of the errors addressed in this program actually happened to real insureds and you’ll learn how to find and correct them.
For more information or to register, go to https://www1.gotomeeting.com/register/581283377.
Do you use a Kindle (or other ereader)?
A few of you have already noticed and subscribed, but we wanted to point out that the WorkCompEdge blog is now available on the Kindle. Kindle blogs are fully downloaded onto your Kindle so you can read them even when you’re not wirelessly connected. And, unlike RSS readers which often only provide headlines, blogs on the Kindle give you full text content and images and are updated wirelessly throughout the day. Check out the Kindle edition of the WorkCompEdge Blog on Amazon today. And, if you use a different ereader (or get one for Christmas!) let us know – we’ll certainly investigate making the blog available in other formats.
Technology Tips for Your Insurance Agency
Steve Anderson is our neighbor just down the road in Franklin, TN, but it seems he’s always traveling to a consulting or speaking gig, a conference, or a training event related to insurance and technology. Steve offers a free weekly technology tip newsletter your agency shouldn’t miss. Just this week, for example, the newsletter talked about lower-cost alternatives to Adobe Acrobat, a tool that’s needed but cost-prohibitive to some smaller agencies. Learn more and sign up at http://steveanderson.com/.
Filed under: Free Stuff, General Tagged: | experience rating education, insurance agency technology, Steve Anderson, workers compensation on kindle, workers compensation training
