Experience Modifier Review

Improve your Experience Mod

Your Experience Mod factor has a direct impact on your Workers’ Compensation premium. Yet all too often, it is calculated incorrectly, resulting in higher premiums for you. Alera Group helps you identify, evaluate and address the leading factors driving your Experience Mod rate.

In addition to reviewing the calculation, our team: 

  • Analyzes payroll audits and claims data for prior years 
  • Corrects the modifier, which directly impacts the premium 
  • Projects future Experience Mod scenarios based on claims trends 
  • Develops a loss control plan that can assist in the mitigation of claims frequency and severity. 
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Why review your Experience Mod?

Your Experience Modifier is one of the primary drivers that impact your Workers’ Compensation premium. Conducting an Experience Modifier review can help you:

Uncover errors

The calculation is complicated, and errors are routinely discovered. 

Reduce costs

Correcting or improving your Experience Mod can reduce your fixed Workers’ Compensation costs by as much as 30%. 

Win more business

A poor or debit Experience Mod can negatively impact a company’s opportunity to bid on contracts.

Take control

Identifying cost drivers can allow a business to create and implement targeted loss control and claims processes to reduce the Experience Mod.

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EXPERT EDUCATION

Events and Webinars

Property and Casualty

2024 P&C Symposium

Join us as we bring together top experts to cover key risk management topics, summarize economic and personal risk market conditions and hear recommendations for strategically engaging with carrier partners.

May 1, 2024 at 08:30 am CT | Deerfield IL

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P&C Symposium

THOUGHT LEADERSHIP

Insights

Property and Casualty

Slower bookings, insurance challenges make for a tough year in hospitality

A combination of slowed bookings and a volatile insurance market is likely to make this a challenging year for the hospitality industry. After a two-year surge following the COVID-19 lockdowns — industry insiders refer to it as “revenge travel” — the sector anticipates more modest growth in demand throughout the remainder of 2024.

April 2, 2024

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Environmental Liability Insurance: Stable market for a growing need

Despite stricter regulations and increased penalties for environmental contamination, market conditions remain stable for Environmental Liability Insurance —  an outlier in a mostly hard market for property and casualty coverage. As Alera Group’s "2024 Property and Casualty Market Outlook" reports, now is an excellent time to secure this valuable coverage, especially if your organization owns property that is or may be contaminated. 

March 20, 2024

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Property and Casualty

Challenges Persist Amid Increasing Market Stability for Education Insurance

Despite facing continued challenges in property and liability coverages, educational institutions and school districts can expect a relatively stable insurance market throughout 2024.

March 12, 2024

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Property and Casualty

The Role of Risk Management in Public Sector Insurance

Public sector organizations increasingly find themselves in an environment of shrinking budgets, staffing shortages, growing hostility and rising inflation.

May 31, 2022

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