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How the Experience Modification Factor Affects Workers Comp Costs

2018-04-13 By //  by Michael Stack

Current Status
Not Enrolled
Price
$129.00
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Course
Materials

Course Description

The experience modification factor is a snapshot assessment of risk for an insurance carrier. In guaranteed cost programs it is a primary factor in the pricing of workers’ comp premiums, and this formula is key to understanding how injury management best practices result in lower costs. For high deductible and self-insured employers, the experience mod offers a simple benchmark which can be leveraged for greater program insight.

In this training you will learn…

– how to speak in simple language about the complex mod formula with clients or senior management
– what elements of workers’ comp claim costs actuaries view as most important
– how changes in claim outcomes affect premium pricing
– the simple formula to calculate your minimum experience mod
– the impact of one claim on your experience rating

And more…

WC Mastery Outline - How the Experience Modification Factor Affects Workers Comp Costs

Course Content

Expand All
Introduction
Lesson 1 – Key to Mod Formula Is Relationship of Numbers (4:36)
Section 1
Lesson 2 – Where Mod Fits In WC Costs and Years Included (13:04)
Lesson 3 – Primary vs Excess and Frequency vs Severity (6:36)
Lesson 4 – Minimum Mod, Expected Losses, and Actual Losses (12:16)
Lesson 4a – Bonus – Rating Tables and Formula Deeper Dive (8:57)
Part 1 Quiz 1 Quiz
Expand
Lesson Content
EMod: Quiz Part 1
Section 2
Lesson 5 – What Happens to the Mod When… (7:42)
Lesson 6 – Leveraging Mod to Lower WC Costs (11:09)
Part 2 Quiz 1 Quiz
Expand
Lesson Content
EMod: Quiz Part 2
Section 3
Lesson 7 – Paying Back 2-4x More Than Cost of Claim (3:57)
Lesson 8 – Summary of EMod Take Away Points (4:41)
Lesson 9 – Bonus Training: Audit Claim Prior to Unit Stat Date (6:24)
Part 3 Quiz 1 Quiz
Expand
Lesson Content
EMod: Quiz Part 3
Graded Final
Graded Final 1 Quiz
Expand
Lesson Content
Emod – Graded Final
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