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The Experience MOD Factor—Are you confident that yours is correct??

Shannon Nicol MWCA, CWCA, WCCA
Workers’ Compensation Specialist
New England Comp Advisors

The majority of my position involves helping our clients in the New England Comp Advisor Program (NECA) manage their workers’ compensation claims. Proper claims management is the key to protecting your experience modification (MOD) rating.

Recent changes in the split-point formula for calculating a MOD rating are forcing businesses to take a closer look at their MOD and be more careful in watching those open claim reserves. The NECA program was designed to do that for our clients. We assist with managing our clients’ workers’ compensation claims from start to finish. Having a firm grasp on the background of a claim allows us to make a difference in the open reserves and future action plans of a claim.

It’s important to make an impact on claims from the beginning, so the information received by NCCI or the state rating bureaus is as accurate as possible for when it’s time for them to publish your MOD. By staying informed of claim changes, this can help us project what a MOD will be, allowing our clients to prepare budgets and plan ahead of time for their policy premiums. Once NCCI or the state rating bureaus have released the MOD, we take another look. We look for every avenue of opportunity to lower the MOD. We look for errors in payroll or claims data that may be artificially inflating the MOD calculation.

There are also several state specific rules that allow additional corrections, resulting in even more MOD reductions. A lower MOD obviously means lower premium and we want to make sure that our clients are reaping the rewards with as much savings as possible.
NECA has really made a difference!!

Over the past five years, we’ve found more than 1,000 errors in the MODs of over 100 clients. We have reduced outstanding claim reserves by over 8.5 million dollars and saved clients an average of $6,000 each.

Mod reviews are included for all of our New England Comp Advisor clients. Do you have a qualified agent looking at your MOD?
If you are already a client of New England Comp Advisors, you can rest assured that your MOD is constantly being reviewed to get you the best price for your workers’ compensation premium.

Not a NECA client?? Contact Us to find out how you can start saving money on your workers’ compensation policy.