Experience Mod is Not What it Used to Be
I just watched a video on work comp from an online “agent summit.” For those who still say or believe that there is a direct relationship between a business’s premium and their Experience Mod is likely wrong. Folks … data analytics and predictive modeling has changed the game of underwriting and pricing for work comp. If you are still saying or believing that “reducing the Experience Mod will reduce your premium” is ill informed at best, and disingenuous at worst.
Experience Mods may still play a role in contract bid qualification, but has lost most all of its influence on pricing.
In addition, class codes are becoming influential on pricing, as well.
It’s a new ballgame, and it would be wise to avoid getting caught playing in the wrong arena.