The experience modification rate (called the XMod) rewards companies who handle their claims well by lowering their premium, and it has the reverse effect when claims are poorly managed.
However, as much as 60% of the data used in the XMod calculations that determine an employer’s premium is incorrect. This means you may be paying a higher rate than you should be. If you can improve your XMod, you can reduce your worker's compensation costs. That’s where XMod Xtreme comes in.
The XMod Xtreme is an assessment that helps you optimize your experience modification rate on your workers’ compensation policy.
The assessment is completely free to members. If you choose to use this service, the cost is 3-6% of the premium. This is a small charge when you consider an average ROI of 661%!
Some Typical Results:
- 75% reduction in the impact indemnity costs have on an employer’s costs
- 37% reduction in the number of claims
- 51% decrease in cost per claim within the first year
Once you request an XMod Xtreme assessment, we’ll ask for some standard documentation regarding your XMod in order to provide you with an assessment, then after careful evaluation, you’ll receive a proposal detailing which details the savings that we can offer you with XMod Xtreme.
What’s the Process?
It couldn’t be easier!
Simply visit your member portal, and locate the XMod Xtreme Review section.
You will need to have your Current WCIRB Or NCCI Worksheet and your most recent annual premium.
How Long Does the Process Take?
Once your review is ordered, it takes 3-7 business days for results to be available.
Our partner, WCCA, will reach out to you directly to discuss their findings.
How Much Does it Cost?
As a BizAssure member, your XMod review is free! It is also free to prospective clients of BizAssure provided you have an existing relationship with one of our member agencies.
How Do I Get Started?
Simply visit your member portal store to purchase!
Article is closed for comments.