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Control your workers’ compensation costs with experience mod analysis!
Realize your company’s full potential for cost savings with a complete mod analysis by an advisor. We help our clients understand their mod rating and provide them with ways to significantly save on their workers’ compensation premiums. By using your loss history information, we can work together to create a targeted loss control program to decrease your total costs.
Peloton provides the tools needed to answer critical questions. The Experience Modification calculation tool is the industry leader in ex mod analysis. Our Experience Modification Analysis Reports are concise, and informative.
The XP-Calc tool provides critical insight into experience period calculations. It provides what policy periods will be used and how long they will be used in any Ex-Mod effective period. It also includes the unit stat level, valuation month and the unit stat filing deadline. Among XP-Calc features is the Strategic Cancellation analysis. Use this feature to strategically analyze opportunities to change the Anniversary Rating Date to limit or expand the exposure of a policy.
Intelligent and Concise Reporting, Including:
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Concise Reports for Expedient Meetings
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Experience Modification Calculation
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Present and Historical Data
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Loss Ratio Analysis
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Eligibility Threshold Analysis
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Experience Modification History
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Applying Prior Rating Formula Analysis
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Experience Modification Industry Ranking
The Peloton Insurance Brokers Difference
Myth Busting the Experience Mod:
Start using your Mod as a Grade:
Your workers’ compensation premiums are determined by a number called your experience modification rate, also called EMR, experience mod, ex-mod or simply mod.
The mod is calculated using employer data such as payroll and the nature of their workforce, along with the frequency and severity of employee injuries over a period of multiple years.
The mod is expressed as a number between 0 and 2.0, with 1.0 representing the average for injuries and
claims in a particular industry. The lower the mod, the lower an employer’s work comp premiums are. The lower the mod, the better my credits are.
MYTH:
Any mod below 1.0 is considered “good” because it is better than average
FACT:
Think of 1.0 as a “C” grade in school—average but not the best possible outcome
The Experience Mod as a Grade
If you think about your experience mod as a grade in school, it is easier to understand. A mod of 1.0 is average, which would be a C grade. Though you want to strive for above average (better than a C), that’s still not the best you could do. An A grade is the best you could do.
The Minimum Mod (A Grade)
An A grade mod is different for every organization, as every company has a unique minimum mod, which represents what the experience mod would be if there were no injuries or claims during the rating period.
The example organization’s mod is .90, which seems good, is below average, and represents a savings of $10,000 in premium versus the average.
The minimum mod is .70 ($70,000 in premium). That means there is another $20,000 in potential
savings on the table.
Benefits of a Lower Experience Rating Modification
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Much more competitive when bidding on business
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Hire better Talent, due to a great safety record
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Increases your company reputation among clients
Lower X-Mod = Lower Costs + Higher Growth
Do you know your Minimum Ex-Mod?
Is your workers Compensation eating into your Profit?
Estimate your California workers' compensation premium and see how your Experience Mod impacts costs.
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