Experience Mod
Your Executive Briefing
Your experience modifier has a direct effect on your workers' comp premium. A personalized Executive Briefing shows how your company is really performing.
Start a conversationThe Employer Success ProgramHow the experience mod affects your premium
"If you can not measure it, you can not improve it."
Sir William Thomson (Lord Kelvin), c. 1884
Once you understand that you repay every injury, with interest, through your mod, you need to know whether you are doing a good, fair or bad job. Think of it this way. A 1.00 experience mod is average, like earning a C in school. Would you rather have a B, or better yet an A? So what would your mod need to be to earn an A?
Are you improving or trending the wrong way? There are certain numbers we suggest every executive look at every year, so you can benchmark your progress. We put them together in what we call Your Executive Briefing.
What your Executive Briefing includes
Your minimum experience mod
How low can your mod go? If you do not know this, you cannot measure how much extra money your claims are costing you.
Your controllable experience mod
The gap between your current mod and your minimum mod. In other words, the extra premium you are paying today above what you would pay at your minimum.
Your premium versus your claims
How your premium compares with what your claims justify, over the three years each claim stays in your mod.
Your actual losses versus expected losses
Are you doing better or worse than average? A year by year comparison of your claim dollars against what the rating bureau expected based on your reported payrolls.
Your experience mod state ranking
In some states, you can measure your performance against your peers.
Your statistics
Year by year snapshots of your injury data: number of injuries, lost time injuries, near misses, experience mod history, the net rate the insurance company is charging you, or any other number your company needs to watch. Learn more about using OSHA records as a benchmark.
Trending your statistics
If you are growing, compare all of the above on a consistent basis, such as full time equivalent employees, hours worked or total payroll, so a change in your size does not skew the picture.
Benchmark your results
If you do not measure it, you cannot tell whether you are doing a good job. Earning an A on your mod report card takes a long term focus.
Watch: what the mod costs you
Where the Employer Success Program comes in
It starts with a Diagnostic and Plan. We read your loss runs, your mod worksheet and your key contracts, and we talk with the people who run the work. You get the pattern behind your claims and a short list of what's worth fixing first.
From there our claims, HR, safety and fleet people work alongside yours, and you get a Score Card at the start and every year after, measured against your own starting point.
Start with a conversation
Tell me what's going on. I read these myself and reply within two business days. If there's nothing worth fixing, I'll tell you that too.