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The best way to have a low Experience Modification Rating (MOD) score is to avoid workers’ compensation claims altogether, but when they inevitably happen, you don’t have to wait three years for the incident to drop off the radar. There are ways to manage risk now.
Start by gaining an understanding of your data, claims history and the overall impact of the claim. Your broker can help you analyze the data by asking these questions.
- What time of day or day of the week do most accidents occur?
- Is there a certain manager on duty when most accidents happen?
- What types of incidents are occurring that lead to workers’ compensation claims?
- Are there certain body parts commonly involved in your claims?
- Are there repeat offenders on your team?
For example, a fairly common practice is that workers will get injured on the weekend but will fake an injury on Monday at work so they are eligible for workers’ compensation.
It can seem futile to try to prove an employee wasn’t actually injured at work, but all is not lost. You can manage your risk by assigning a nurse case manager to questionable cases. The nurse will accompany the employee to the doctor’s office to work with the doctor on a treatment plan as needed.
Consider whether insurance adjustors are over-reserving claims to protect their forecasts. If so, you can fight back.
Safely get employees back to work immediately following a claim to potentially see a 70% discount on your MOD, rather than allowing the injured employee to claim indemnity and medical.
Further, work with your broker to figure out the economic impact of each claim and how it will affect your MOD score over three years.
Knowing your numbers is critical.
Diving deep
We analyze your claims data each policy period to find the trends impacting your MOD score and, therefore, your premium. Our team will detail losses per claimant and the nature of the injury, which will paint a picture of how much they are affecting your MOD.
We’ll review your MOD worksheet to uncover any errors that could impact your score.
We then create a benchmark report to compare you to your peer organizations in your geographic area.
The Oswald team can help you analyze your losses, provide actionable insights to keep employees safe and work toward improvements in your MOD score and your premium.
Related article: How to Improve Your MOD Score and Reduce Workers’ Compensation Costs
For more information, please contact me below or learn more on our Property & Casualty page.
