Workers Comp Specialist: A $100 Indemnity Payment Cost This Client $4,710
Showing Impact of Specific Losses Is a Key to Educating Employers
 

Consider this scenario: One loss in an experience rating period is a medical-only claim of $5,600. Another loss is $5,700 but includes $100 of indemnity and $5,600 of medical. At first glance you might expect these losses to impact the mod about equally. But analysis of these specific losses leads to surprising results that can be very important for companies in states where the medical-only reduction is approved.  - learn more - This is just one example of how the workers compensation mod (also called the experience rating factor, ex-mod, or x-mod) can be analyzed to achieve important insight into a company's operations. While employers commonly realize that a lower mod is somehow a good thing, many don't make the connection between this number and their premium costs. But they change their perspective when they understand concepts like the minimum mod and how specific losses impact their mod - and their premium costs. Read on to learn how Master Your Workers' Comp Modifier can help you explain to your clients that "getting quotes" has little to do with reducing their workers comp costs!

This popular booklet from Specific Software is great for agents, producers, CSRs - and your clients. Just $7.00! Order now, or see more details below.

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Master Your Mod: 
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• Buy it for yourself

• Buy it for your agents and producers

• Buy it for your CSRs

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• Buy it to give to your existing clients

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• Buy it for workers comp training events (if you're a professional workers' comp trainer, contact us for special deals and opportunities!)

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An Experience Mod Quiz

Would you like to:

• anticipate the mod before it is promulgated by the bureau?

• increase accuracy of cost allocation and risk management decisions?

• forecast the mod for the next policy period?

• compute and verify the accuracy of mods?

If you answered YES to any of these questions, you should learn more about ModMaster.

Control Workers Compensation Costs

 by Understanding Experience Rating

In the booklet entitled Master Your Workers’ Comp Modifier, author Tim Coomer writes,

"A mod of 1.0 is average," Coomer goes on to say, "and a company should strive to decrease their losses in order to beat the average and lower their workers’ compensation insurance costs."

This booklet can save you or your client thousands of dollars in workers' compensation premiums by teaching you:

• How your mod factor is calculated

• How to interpret your company's mod worksheet

• How to ensure that your rating is accurate

• How losses impact the workers compensation premiums you pay

• Ways to control and improve your mod

• How to use the software products QuickMod.com and ModMaster to generate a mod analysis for your company using your actual worksheet. 

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More Tools to Help You Analyze the Mod Factor QuickMod.com is a web application that allows you to generate a comprehensive analysis of a client's workers compensation modification factor in mere minutes.
This analysis will help your client to better understand the mod factor, how it impacts their workers compensation premium costs, and how to control it. More info ModMaster software is an application that can be installed on your PC or on your network. In ModMaster, you can compute a mod, forecast a mod, and perform numerous analyses by entering all payroll and loss information that pertains to the mod calculation (usually data for three or four policy periods).
ModMaster contains over thirty reports which show a variety of detail and summary information, graphs, and sensitivity analyses. More info

Master Your Workers' Comp Modifier, QuickMod.com and ModMaster are written, distributed and supported by Specific Software Solutions.