Mining Workers Compensation Loss Runs for Valuable Information
Whether you are a business owner or an insurance agent, insurance carrier loss runs are often difficult to interpret. It’s like looking at a doctor’s medical chart- all the information is right there allowing the doctor to diagnosis you and develop a plan of action to make you well. But without the necessary training, the chart, which seems simple to the doctor, is hard for most of us to understand. The same difficulty applies to workers’ compensation loss runs. All the important information, hidden behind confusing abbreviations and numbers, is there and presents a direct indication of the insured’s risk management program’s overall effectiveness.
Of all the information contained within a loss run, the valuation date can be one of the most important and useful. The valuation date is actually more important than the renewal date, but most companies and agents let this date pass without out even knowing what it is and how important it is. Why is it so important? It’s the last chance you have to report errors or make corrections or revisions to your insured’s loss runs before the incorrect information can damage the upcoming year’s premium.
There is so much more to learn from loss runs, and even more information you need to recognize and understand.
If you want to learn more, please join The Seltzer Group’s Stacey Cheese and the Insurance Journal Academy of Insurance for the upcoming class, “Mining Workers Compensation Loss Runs for Valuable Information.” Beyond the importance of the evaluation date, this class gives you detailed information on decoding the abbreviations and numbers found on the loss runs, how to use the loss run to achieve a more favorable outcome with an underwriter, and how to use the information on a loss run to develop the best risk management program for your client.
Loss runs place information at our fingertips that help you make better business decisions, correct problems and errors, and impact workers compensation costs; you just need to know how to find it, interpret it, and use it effectively.