9 Key Concepts

Specific Software Solutions / SIGMA Introduction to Experience Rating 9 Key Concepts ModMaster Software

What is ModMaster ? ,[object Object],[object Object]

Our Clients say ModMaster is… ,[object Object],[object Object],[object Object],[object Object],[object Object]

Experience Rating: Fair but Confusing

Fair & Balanced ,[object Object],[object Object],[object Object],[object Object],[object Object]

Confusing ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Confusion also creates an Opportunity

What you can do for your clients.. ,[object Object],[object Object],[object Object]

Using ModMaster is Incredibly Easy

Data you will need ,[object Object],[object Object],[object Object],[object Object]

Where do you get the data? ,[object Object],[object Object],[object Object],[object Object]

ModMaster Analyses ,[object Object],[object Object],[object Object],[object Object],[object Object]

ModMaster Setup Data Step 1: Enter Setup Data

ModMaster Payroll Data Step 2: Enter Payroll Data

ModMaster Small Losses Step 3: Enter Small Loss Data: Losses Under $5,000 grouped

ModMaster Large Losses Step 4: Enter itemized / large losses

ModMaster Mod Summary Step 5: Perform the Calculation

ModMaster Reports & Graphs ,[object Object],[object Object],[object Object],[object Object]

Bureau report ,[object Object],[object Object],[object Object]

Mod Impact on Premium Analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The “average” competitor pays YOU pay What you are paying could be this LOW! This is what you can control AND potentially SAVE through loss control

Loss Analysis by Policy Period ,[object Object],[object Object],[object Object],[object Object],[object Object]

The “good” year will leave! The “bad” year will remain!

Ratio Analysis ,[object Object],[object Object],[object Object],[object Object],[object Object]

Specific Loss Sensitivity ,[object Object],[object Object],[object Object],[object Object]

Both claims had $4,500 in medical, but the TN claim also had $750 in indemnity The $750 in indemnity payments cost $6,315 in increased premium. Too bad they couldn’t get this employee back to work! BACK TO WORK MATTERS

Aggregate Loss Sensitivity ,[object Object],[object Object],[object Object],[object Object]

CUT LOSSES 50% MOD DROPS 24 POINTS PREMIUM DROPS $11,874

Three Year Cost of Losses ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

WOW! Employers pay for their losses!

Keeping claims “medical only” saves a BUNDLE!

Loss Identifier Report ,[object Object],[object Object],[object Object],[object Object]

Modification Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Mod Snapshot ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Show the key numbers for the analytical types Highlight the Minimum and Controllable Mod! Discuss each loss impacts the mod and premium paid Introduce “actual” vs. “expected” and the three year period. Show the formula and how the mod is computed

Pause for some observations ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Help is available ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THANK YOU!! Call us at 800-929-4052 A Previous version of this presentation is on the web at www.specificsoftware.com/keyconcepts

Experience Rating KEY CONCEPTS ,[object Object],[object Object],[object Object]

9 Key Concepts

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9 Key Concepts