How to grade a workers’ comp retro group
Top 3 Questions You Should Ask When Evaluating a Retro Group
Being part of a retrospective rating program is important for your business. The goal is to find a retro partner that matches the needs and culture of your company, is committed to helping you drive down your up-front premium costs, and boasts a great track record of keeping workplaces safe.
Washington L&I has a great article about how to evaluate retro groups. We’ve combined and honed a handful of their tips and come up with what we think are the top 3 key questions for evaluating a retro group, and then provided some hard-hitting conversation starters.
1. How will this retro group help lower my overall workers’ comp costs?
- How will the group help me close claims quickly?
- What kind of help will they provide with early-return-to-work and light duty options?
- What prevention activities will they provide to help reduce claims in the first place?
- What is the group’s refund track-record?
2. Who will my team members be and how will they support our efforts to reduce injuries and manage claims?
- Who will we work with on tough claims? Will we have a new claims manager each time we call?
- Are the group’s claims management services outsourced, or do they hire their own claims team?
- Will we have access to a dedicated safety professional?
- What safety activities are available to help us prevent injuries?
3. What is this retro group’s history and policy on refunds and assessments?
- How are refunds distributed?
- What is the group’s risk for an assessment, and how would they pay if they were ever assessed?
- Has the group been previously assessed?
- What is the underwriting criterion the group uses for new and existing business?