Worker’s Compensation Trends & the New Experience Rating Formula [WEBINAR RECORDING]
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Jodi Mathy, Post Loss Specialist at HNI
COURSE DESCRIPTION
Worker’s compensation claims are on the rise. Claim costs have nearly tripled in the past 20 years, due largely to skyrocketing medical expenses and the rate of inflation. This trend has caused the experience rating formula to become imbalanced, causing it to become less responsive to a company’s frequency of claims.
In response to this trend, many states are changing the way they calculate experience ratings to more accurately reflect a company’s workers compensation risk. Changes planned by the National Council on Compensation Insurance (NCCI) are projected to affect 70% of all businesses.
Attend this HNI University webinar to learn how changes to the experience rating will affect your company and how to decrease any negative impact they may have. We’ll go over the changes affecting Wisconsin, Illinois and Michigan businesses as well as any states using NCCI’s rating plan.
TOPICS COVERED:
- Trends in worker’s compensation
- How the experience rating is calculated today
- Changes to the experience rating and dates they go into effect
- Steps to combat your workers compensation costs under the new formula