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How the Experience Modification Factor Affects Workers Comp Costs

2024-04-03 By //  by Michael Stack

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$129.00
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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 - Emod

Experience Rating Worksheet

Course Content

Introduction
Lesson 1 – Key to Mod Formula Is Relationship of Numbers (4:56)
Section 1
Lesson 2 – Foundational Definitions and Concepts (24:21)
Lesson 3 – Frequency vs Severity (17:36)
Part 1 Quiz 1 Quiz
Lesson Content
EMod: Quiz Part 1
Section 2
Lesson 4 – The Mod Formula & Relationship of the Numbers (12:13)
Part 2 Quiz 1 Quiz
Lesson Content
EMod: Quiz Part 2
Section 3
Lesson 5 – Leverage Mod to Lower Costs (11:08)
Part 3 Quiz 1 Quiz
Lesson Content
EMod: Quiz Part 3
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