THE CHALLENGE: When it comes to workers’ compensation premiums, a company’s experience modification rate, or EMR, is everything. No one wants an e-mod higher than 1.00. An e-mod, as a refresher, is a ratio that expresses actual to expected losses that occur over a (typically) three-year period. In this case, our client was paying tens of thousands of dollars in higher premiums year after year because its e-mod was spinning out of control.
OUR SOLUTION: Getting your e-mod under control takes patience. It does not happen overnight. In fact, because it’s calculated based on several years of data, it can easily take two or more years to begin to see it drop. Here’s how we helped:
THE OUTCOME: The numbers speak for themselves here. Our client’s experience modification rate today (2018) is 33.3 percent lower than it was in 2012. It saw a 12.5 percent decline just between 2017 and 2018. The drop, naturally, has translated into big savings in its premiums, amounting to 27 percent in just the past three years, or about $120,000 a year on a policy now costing it under $450,000 a year.
What sets CCIG apart from the competition is our unwavering focus on you, the client. From risk control and risk prevention to claims advocacy, CCIG is in your corner to help you, your family and your business achieve your financial goals and protect your assets.