May 15, 2018

WorkCompRecap: Premium & Predictive!

Today’s issue of WorkCompRecap features some news on the California WCIRB’s July 2012 Pure Premium Rate Filing, which was submitted to the Department of Insurance last month. Insurance Commissioner Dave Jones has approved the new advisory pure premium rates that average $2.49 per $100 of payroll, coming in 8.26 percent higher than the January, 2012 approved rate of $2.30 per $100 of payroll. The ACIC also weighed in calling the approval the “right move”, and saying the Commissioner made a responsible decision not to ignore increasing systemic costs, which he called “steady and dramatic”.

Also in the news today is predictive analytics provider Valen Technologies, who recently announced a new engagement with Donegal Insurance Group to deliver their InsureRight product, allowing Donegal to more accurately price their current book of business. Donegal’s Vice President and Chief Actuary noted that they’re excited to gain Valen’s modeling expertise, which they can integrate into their core underwriting processes for the long-term.

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