Experience Modification Management and Why it is Critical to Optimizing Workers Comp

Managing Your Workers Compensation Experience Modification or Ex-Mod

Our mission at Whiteboard Risk and Insurance Solutions is to help companies like yours manage their experience modification or Ex-Mod factor to optimize workers compensation premiums. Since your experience rating will determine the cost of Workers Comp, it is important to effectively manage loss. What is the Ex-Mod and why is it so important? To put it simple, the experience mod is like a wellness score as compared to other companies within your industry.

The WCIRB relies on a company’s loss history as it has been reported to the insurance company in the span of 3 years. Each industry has an average range. In other words, if your company’s loss history is on average with others in your industry and company size, you would receive an experience modification factor of 100. Having a 100 ex-mod means you would pay the full base rate. Therefore, if you can lower your ex-mod you would receive a direct savings ie a ex-mod factor of 70 means you would save 30%. This is why having an accurate experience modifier calculation is the first step in ensuring your company receives the lowest ex-mod.

Manage Workers Comp Claims

At Whiteboard Risk and Insurance Solutions we take on claims management to improve your loss experience, which will improve your experience mod and lower your workers compensation premiums. Our pro-active process begins before any injuries occur and doesn’t end until your claims are closed. We’ve developed a strategy for each step of a claim that guarantees every incident has the smallest possible impact on your Experience Modification Rate, if any. We’re here to help you.