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.
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.
THOUGHT LEADERSHIP
Insights
Property and Casualty
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Understanding how your Workers' Compensation Insurance premium is calculated can help you manage costs more effectively. One of the primary factors in determining your premium is your experience modification factor — the number that reflects your company’s claims history and directly determines what you pay.
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