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WCTI Presentation of Services Angie Blakeney Senior Account Executive. What is Self Insurance?. Self insurance is a protected assumption of financial risk that enables an employer to increase control and stabilize insurance costs over time.

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Presentation Transcript

WCTI Presentation of

Services

Angie Blakeney

Senior Account Executive


What is self insurance
What is Self Insurance?

  • Self insurance is a protected assumption of financial risk that enables an employer to increase control and stabilize insurance costs over time.

  • The self insurance industry currently represents between35% - 45%of thetraditional insurance market place.


Wcti structure
WCTI Structure

  • Loss Sensitive Funding - Members with Low Losses Experience the Greatest Savings

  • Owned by the Members

  • Governed by Board of Trustees

    • Determine Rates

    • Underwriting Criteria

    • Vote on New Members

    • Hire TPA

  • Regulated and Audited by Illinois Department of Insurance


Wcti program information
WCTI Program Information

  • Self-Insured Group that provides Workers’ Compensation for Illinois Manufacturers

  • Established in 1981

  • 120+ Members

  • $14.6 million Standard Premium

  • Loss Ratio for Group 35%

  • Average Mod .84

  • Average Standard Premium $119,620


Sample classes of business
Sample Classes of Business

  • Metal Goods

  • Plastics

  • Precision Parts

  • Wire Goods

  • Machine Shops

  • Printers

  • Food/Sundries

  • Gear/Screw


Distribution of WCTI Standard Premium Dollars

*Unused claims dollars are returned to the members.


WCTI Eligibility

  • Illinois Manufacturing or Related

  • Minimum $30,000 Standard Premium

  • In Business Minimum 5 years

  • Good Workers’ Compensation History

  • Minimal Chemical Exposure

  • Group Health Coverage Required


Reinsurance
Reinsurance

  • Safety National Casualty Corporation – A+ (Superior)

  • Self Insured Retention $550,000

  • Aggregate 80% Annualized Standard Premium for Group


Safety & Risk Management Services

  • Minimum 4 visits per year

  • Representation at OSHA formal hearings

  • Tiered Safety Audit (MSAP) w/Ergonomics as Emphasis

  • Quarterly Train the Trainer and Task Force Meetings

  • Training (English and Spanish)

    • Employee Orientation

    • Accident Investigation

    • Forklift

    • On-line Training


Claims Services

  • Designated Claims Rep

  • Light Duty is Required

  • On line Claims Access

  • Case Management Nurses on Site

  • Control over Claims $

  • No Paying Small Claims Out of Pocket


Acceptance process
Acceptance Process

  • Underwriting & Excess Approval

  • Presentation of Quote to Insured

  • $500 Loss Control Inspection

  • Loss Control Committee Approval

  • Board of Trustees Approval


Why Self-Insure?

  • Potential for Return of Contribution

  • Decrease in Claims Cost

  • Customized claims and loss control service

  • Ability to exert control over claims administration process

  • Elimination of uncertainty in primary insurance market

  • 99% Retention Rate for WCTI



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