1. Loss forecasting
Most insureds don't understand that they (with their broker) can control the renewal negotiation process. Loss forecasting - if to the advantage of the insured - can force a carrier to reassess his loss cost factors, loss pick and ultimately premium. In short, if I can show the carrier that my clients claims are not trending as badly as first thought, I can drive down premium.
2. Experience Mod reviews
A no brainer, annual Experience modification reviews are successful 60% of the time in providing an adjustment and thus return premiums.
3. Classification reviews
Are your employees classified correctly. Especially in the manufacturing industry, mis-classification can be the difference in tens of thousands of premium. Why should a clerical employee who happens to have to walk across the shop floor to get to her bosses office be classified as a shop floor employee?
4. Quarterly Claims reviews
Your broker should be conducting quarterly or bi-annual claims reviews to analyze reserves, lag time, reporting prodedure, back to work process and potential fraud.
5. Marketing
Many companies believe that they are 'stuck' with the State Funds due to their risk profile or because of cost. Standard carriers more and more are competing with the State Funds price wise and providing top notch service, claims handling and coverages.
