Respondents to the 2015 WCIRB Voice of the Customer survey communicated their need for a tool to help them understand the likely impact of the 2017 experience rating changes to their experience modifications. The WCIRB listened and developed two Experience Modification Estimators. These Estimators are Excel-based applications that make it easy for users to estimate and compare experience modifications. Users will have the ability to obtain an estimated experience modification using the approved 2016 Experience Rating Plan values or the proposed 2017 Experience Rating Plan values.
The Experience Modification Estimators rely on payroll and loss information entered by the user, and based on the WCIRB’s proposed 2017 Experience Rating Plan values, generates two estimated experience modifications, one using the variable split point values effective in 2017, and a comparison estimate using the current $7,000 fixed split point value. The user can also estimate an experience modification using the approved 2016 Experience Rating Plan values. These estimated experience modifications are for informational purposes only, and because results are dependent upon the information entered by the user, they may differ from the actual experience modifications issued by the WCIRB.
The Experience Modification Estimators can be accessed or downloaded for free in the Learning Center of WCIRB.com or through the links below:
The 2017 Experience Modification Estimator will be updated with the final approved values once the Insurance Commissioner issues a decision on the January 1, 2017 Regulatory Filing.
For detailed instructions on how to use the Experience Modification Estimators, review the Help Guide available for download on the first tab of each of the Experience Modification Estimator Excel files. A helpful Experience Modification Estimator shortcut sheet featuring an abbreviated version of the instructions is also available on the Experience Modification Estimator page in the Learning Center of WCIRB.com To view the proposed 2017 Experience Rating Plan values used in the calculation, go to the Publications and Filings section of WCIRB.com.
Sign up for the upcoming WCIRB Mod Talks webinar to see the 2017 Estimator in action and learn more about the proposed 2017 Experience Rating Plan values.
Proposed 2017 Rating Values and the Experience Modification Estimator
Thursday, July 28, 2016, 10:00AM – 10:30AM PT
Users that opt to download the Estimator are responsible for ensuring that they are accessing the most current version. Users will be notified of any version updates via WCIRB.com and through the WCIRB News and Notes e-newsletter.
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