Are Your Open Work Comp Claims Reserved Properly? Are your work comp claims reserved properly? If not this is costing your company money and hurting the bottom line. Whether claims are administered by an insurance company or by a third party administrator (TPA), their services are critical to maximizing the value of a workers’ compensation program. It is imperative that workers’ compensation claims are administered as effectively as possible in order to minimize costs.

Mistakes in claim handling or inaccurate reserves can cost organizations (employers and claims administrators) countless thousands of dollars. Mistakes must be minimized, reserves must be accurate and claims must continually move toward closure. Workers compensation claims adjusters probably have the most difficult job in the insurance industry. They are overwhelmed with work and with communications from the employee, doctors, lawyers, employers, family members, clinics and other parties in the system. In today’s cost-cutting environment, they are trying to do more with less. It does not make sense to leave the task of claims management exclusively to the adjuster.

 We often hear companies tell us that their current agent is monitoring their open claims. Yet, when we ask them about the results they have seen or what type of reports they receive they usually don’t have any response because they are not receiving any documentation. There is a major difference in monitoring claims and actually auditing the claim to ensure the reserves are set properly when it comes time to report the claim to NCCI for your experience modification determination.

This is where UNICOMP is different! There is much more to “monitoring” open claims. We have a proven track record in lowering open claim reserves for clients which has a DIRECT IMPACT on lowering work comp costs. In addition, we provide detailed reports on the claims that we audit. If you are not receiving any of these services it is very likely you are overpaying on your work comp policy. It will be worth 30 minutes of your time to learn more on how UNICOMP is helping companies control and lower work comp premiums.

Overcharges occur nearly 70% of the time within all workers’ compensation premiums. The reason is that two thirds of claim file documentation has some element of impropriety. Secondly, reserves are set for ultimate settlement as opposed to what the claim file documents will actually support at any given moment in time. This means that reserves are overstated for unit statistical plan filing purposes and causes inflated experience modifiers averaging 27%. We can provide real time access to workers’ compensation claim file documentation and corresponding reserve information. We can provide experience modification reports to verify if your experience modification factor is correct. This is just one of the many valuable services that UNICOMP can offer you. Our services are some of the most extensive you will find in the Midwest.

We are proud to be the only agency in Nebraska to hold the Certified WorkComp Advisor Designation. Don’t settle for just a workers’ compensation policy. Let UNICOMP show you how you can lower your workers’ compensation costs and help improve your profitability. In the last several years we have lowered open claim reserves for clients by over $9,500,000 which directly lowered their workers’ compensation costs. Not only can we say we monitor claims we have the proof to back it up! If you would like to learn more about our workers’ compensation services please contact us. You just may be surprised at what you are missing.  Our clients will tell you how our efforts have helped them increase their profitability. Contact Carl Zeutzius at czeutzius@unicogroup.com to learn more.