How Workers Comp Claim Development Works
There are two steadfast rules in Workers Comp ratings. They are:
Your policy does not show up in your Experience Mod until the following year. Yes, the claim totals are delayed for one year. For example – your 01/01/2019 – 01/01/2020 policy will not affect your company s Mod until 1/1/2021 – 1/1/2022.
The very important UNIT STAT Date is 07/01/2020 – when the claim values peg to the NEXT year s Mod. The reason for the six-month delay is called Workers Comp claim development.
NCCI and Other Rating Bureaus Faster Now On Mod Publishing
I often receive this question.
Why do we have to wait four more months after the UNIT STAT date to receive our Mod? We would like to have it as soon as possible.
03/15/21
Very Old Workers Comp Subrogation Claim – Loss Run Says Open – Why?
A new blog and newsletter reader asked this question recently after reviewing their Loss Runs – we have a very old workers comp subrogation claim open after seven years – will that affect our Experience Mod – why is it not closed?
Public Domain – Republic of Armenia
$350,000 Claim Open – Let s Look at the Why
Many Workers Comp carriers leave the claim open as it generates a large number of claim notices that enable the adjuster to track the claim. When claims are closed, the notices sometimes do not generate and the claim may fall off a diary system very easily.
03/09/21
Workers Comp Predictive Analytics – Do Not Ignore Old Open Claims
One of the big changes with loss run reviews started with the carriers and now the whole insurance industry not ignoring the old open claims. Workers Comp predictive analytics has changed how old open claims are evaluated in underwriting.
Public Use Wikimedia License – Keepscases
Years ago, I wrote numerous articles that pointed to only considering claims that were going to be fed into the Experience Mod system. I even said that
predictive systems would not workin workers comp. That statement still stands. I will cover it in the next heading.