December 10, 2017

CA WCIRB Launches New Experience Modification Estimators

San Francisco, CA – The WCIRB has launched two Experience Modification Estimators (Estimators) for insurers and agents and brokers to help policyholders understand how experience modifications are computed and the likely impact of the 2017 change to the experience rating formula on a policyholder’s modification. Users will have the ability to obtain an estimated experience modification using the approved 2016 Experience Rating Plan values or the proposed 2017 Experience Rating Plan values by entering payroll, classification and claims information. The Estimators are Excel-based making it easy for users to view and simply copy and paste data between spreadsheets. The detailed estimated experience modification results can be printed or saved and are available at no cost.

To use the WCIRB Experience Modification Estimators, go to the Learning Center of WCIRB.com or click on the links below:

2016 Experience Modification Estimator
This application will estimate an experience modification based on the payroll and loss data entered by the user in the “X-Mod Calculation Inputs” tab, and the 2016 approved Experience Rating Plan expected loss rates, D-ratios, $7,000 fixed primary threshold and credibility values.

2017 Experience Modification Estimator
This application will estimate an experience modification based on the WCIRB’s proposed 2017 Experience Rating Plan values including expected loss rates, D-ratios, primary thresholds that vary by employer size and credibility values that have been filed with the California Insurance Commissioner. The user will see the estimated likely impact of the change from the $7,000 fixed split point plan to the 2017 variable split point plan on an individual employer’s experience modification. As with the 2016 Estimator, the 2017 Estimator will rely on payroll, classification and claims information supplied by the user. The 2017 Estimator will be updated with the final approved experience rating values when the Insurance Commissioner issues a decision on the Regulatory Filing, expected in August, and be made available on the WCIRB Experience Modification Estimators page in the Learning Center of WCIRB.com.

Please note that use of the Estimators is for informational purposes only and results are merely estimates and not published experience modifications.

For more information and helpful tips on how to use the Estimators, go to the WCIRB Experience Modification Estimators page.

Source: CA WCIRB

  • RSS
  • Twitter
  • LinkedIn