Executive Vice President/Account Executive
In the previous post on the Sylvia Group Blog, my colleague Mike Isbister explains why businesses are required to have workers' compensation insurance, how premiums are set and what businesses can do to lower their rates. One such cost-control measure, he notes, is an analysis of the business' Workers' Compensation Experience Modification Rate, or "Mod."
Consider this my follow-up to Mike's informative post — an expansion on the value of Mod analysis and an avenue for touting the work of Sylvia Group's chief Mod analyst, Insurance Claims Executive Julie Vieira.
Most insurance agencies don't have an in-house claims specialist to advocate for clients. We have two great ones: Julie, who works primarily with business insurance clients, and Cindy Sylvia, who handles personal insurance claims. While both excel at making the claims process as painless and productive as possible, Julie has the additional responsibility of helping the businesses we work with operate more efficiently and effectively. Mod analysis is one of the ways she does this.
Where we save you money
The people who calculate Mod rates at the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA) and the National Council on Compensation Insurance (NCCI) generally do a good job, but they aren't perfect. Sometimes Mods are miscalculated, and when they are, the insured business usually winds up paying significantly more for workers' comp than it should.
In addition to detecting potential errors in the Mod rate, Mod analysis provides businesses with a deeper understanding of their workers' comp costs and highlights areas where they can reduce claims through the implementation of risk management strategies. This is another task at which Julie excels: working with account executives — such as me — to proactively advise clients on best practices for claims and cost reduction, such as implementing safety training and back-to-work programs.
If you're a Massachusetts business, Mod analysis also can determine whether you're eligible for a WCRIBMA Qualified Loss Management Program (QLMP) and up to four years of credit discounts on your workers' comp premium. Those discounts are substantial, but whether you qualify for QLMP or not, you'll find that Mod analysis is an effective way to reduce Workers' Compensation costs.
About John Beauregard and Sylvia Group
During more than three decades as a business insurance professional in Massachusetts and Rhode Island, Sylvia Group Executive Vice President John Beauregard has built relationships with clients by recognizing and addressing their unique risks and needs, providing them with the best available insurance coverage and delivering dedicated, dependable customer service, particularly in the property development and management, medical manufacturing, municipal, education, and transportation industries. A Certified Insurance Counselor (CIC) and Licensed Insurance Adviser (LIA), John works with clients to help them secure what they've invested in and built, evaluating the risks they face, developing customized policies to protect against those risks and creating comprehensive risk-management programs designed to save them money by reducing premiums.
Voted "Best Insurance Agency" in both years of the SouthCoast Media Best of the Best Awards program, Sylvia Group helps businesses and individuals protect their future by designing insurance, benefits and financial planning programs. We’re a locally owned agency known for our commitment to our clients and our community, as well for our industry expertise. Founded in New Bedford, MA, in 1950, headquartered in neighboring Dartmouth, and serving businesses and individuals throughout Massachusetts, Rhode Island and beyond, Sylvia Group is certified as a Woman Owned Business Enterprise with the Massachusetts Supplier Diversity Office and has the distinction of being the first six-time recipient of the Five Star designation awarded by the Massachusetts Association of Insurance Agents (MAIA) for all-around agency excellence.