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WCTI Presentation of Services Angie Blakeney Senior Account Executive

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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
slide1

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
slide6

Distribution of WCTI Standard Premium Dollars

*Unused claims dollars are returned to the members.

slide7

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
slide9

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
slide10

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
slide12

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