What We Need For An Analysis
Items Needed for a Workers’ Compensation Analysis
In a perfect world, in order to do any mod/deductible analysis I need the following items (in order of importance):
- Renewal mod worksheet (we must have this, unless you are requesting a mod prediction)
- Renewal quotes (I can dummy-up premium indications if quotes are not available)
- Currently valued gross loss runs for all policies in the renewal mod and the expiring policy (gross means losses don’t have deductibles removed)
- Expiring Mod (optional but very helpful, so we can explain why the mod changed)
- Expiring Premium – payrolls/premium development with credits/debits/etc (optional but very helpful, helps in predicting next year’s mod)
- Full payroll and premium development audits for the policies in the renewal mod (optional but very helpful, helps predict past deductible discounts as well as verify accurate payrolls were reported to NCCI)
We all know we don’t live in a perfect word. Not every piece of data will always be available. However, the more items we get, the better job we can do. Even with minimal data, we can likely do more to impress your prospects than their current agent is doing. You must weigh the value of an accurate and reliable analysis versus overwhelming your prospect with requests for data.
At an absolute minimum, we need the first item (renewal mod worksheet). The last items (payroll and premium audits for the policies in the mod worksheet) are very rarely available.
We can always do hypothetical analyses if parts of the data are not available. Simply call or email us if you have questions.