A special two-day Breakout for Agents is being sponsored by the National Council on Compensation Insurance (NCCI) and the Florida Association of Insurance Agents (FAIA) on Monday, August 22, and Tuesday, August 23, during the 71st annual Workers’ Compensation Educational Conference.
Day 2 kicks off with Lori Lovgren, state relations division executive, NCCI, Boca Raton, Fla., speaking on “Emerging Issues.” The first step in getting involved in the workers’ compensation market place is getting to know the “lay of the land.” This session will give attendees a basic knowledge of what is “really” happening in the market and what the future holds.
Linda Colbert, a consultant from Boynton Beach, Fla., and Veruschka Zachtshinsky, CPCU, an NCCI underwriting filing consultant, speak next, focusing on “Calculating Premium - Class Codes and Pricing Programs.”
One of the many truisms in describing a professional agent is that his or her involvement with an employer’s workers’ compensation program does not end with the sale of a workers’ compensation policy of insurance. The agent must continue to be a “player” in the system far beyond the date of sale and be in a position to provide valuable information to the employer concerning the effectiveness of their workers’ compensation program. This especially relates to the costs of workers’ compensation coverages and how such costs are directly related to the employer’s payroll, classification of employees, frequency of accidents on-the-job, and severity of injuries related to workplace accidents. This session will discuss in detail how workers’ compensation premiums are calculated and what role employer-specific data plays in the cost of procuring workers’ compensation coverage.
“Self-Insurance & Large Deductibles” ends the morning session, with speaker C. Wade McGuffey, CEO/founding partner at Goodman, McGuffey, Lindsey and Johnson, LLP of Atlant and Orlando. Sometimes the agent is called upon to recommend to a client an alternate source for obtaining mandatory workers’ compensation coverage. Self-insuring or deciding on a large deductible may be in the best interest of the employer/insured. These two concepts will be discussed in detail by an industry expert who will give the attendee a basic knowledge of how these alternatives are utilized in substitution for the standard workers’ compensation insurance policy. Each of these alternatives has its own unique issues that may or may not fit within the needs of the agent’s customer.
In the afternoon, Colbert and Arlanne Theall Smart, NCCI’s experience rating - system support manager, explore the role of experience rating and associated rules for modifying premium, and the impact of frequency versus severity in the calculation of an experience rating modification factor. Attendees will learn about ownership changes, the impact to rating calculations, and the steps that an insured can take to improve its loss experience.
The day’s final session, POC & CVS and mobile app, is presented by Susie Schulte, NCCI’s state relations executive - DOL focus lead. This session will highlight NCCI’s Proof of Coverage inquiry tool and Coverage Verification System. The inquiry tool is available to regulators, industrial commissions, and accident boards with access to workers compensation coverage information in states where NCCI provides Proof of Coverage (POC) services. Schulte will also demonstrate NCCI’s Workers Compensation Coverage Verification App.
(Pre-Registration is required. Refer to Registration Form.)
Day 1 of the Agents Breakout is Monday, August 22.
ABOUT THE WORKERS’ COMPENSATION EDUCATIONAL CONFERENCE
Now in its 71st year, the Workers’ Compensation Educational Conference is the must-attend event for C-level executives, risk managers, claims adjusters, insurers, and medical and legal experts. Presented by the Workers’ Compensation Institute, the conference offers attendees an extraordinary opportunity to connect with their peers and learn from nationally recognized experts. The 2016 Workers’ Compensation Educational Conference will be held August 21-24 at the Orlando World Center Marriott. Follow conference news on Twitter with the hashtag #WCI2016. Registration is now open.