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Why the Valuation Date is Important with Kevin Ring
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In this Power Producers Podcast episode, David Carothers is joined again by Kevin Ring, lead analyst at the Institute of Work Comp Professionals. In this Shop Talk session, they take a deep dive into the crucial topic of the valuation date and its significance in workers’ compensation policies. While last week’s discussion highlighted the importance of leading with workers’ compensation, this episode shifts gears to discuss why understanding the valuation date is vital for businesses. David and Kevin unpack the complexities of the valuation date—what it means, why it matters, and how it can impact a company's experience mod. Kevin shares expert insights into how this date plays a central role in determining a company’s future workers' compensation premiums and why it’s essential to monitor open claims carefully.
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Key Highlights:
What is the Valuation Date?
Kevin explains that the valuation date is when insurers submit crucial data to the Rating Bureau, affecting a company's experience mod and future premiums.Impact of Open Claims
Kevin discusses how open claims, even with high reserves, impact the experience mod just as much as settled claims.Timing of the Valuation Date
The valuation date occurs 18 months after policy inception. Kevin highlights how policy changes affect this timing.Managing Claims for the Valuation Date
Kevin emphasizes the importance of tracking open claims early and working with adjusters to ensure accurate reserve updates.Dividends and Profit Sharing
Understanding the valuation date can impact eligibility for dividend programs and profit sharing, boosting business benefits.Agent’s Role in Claims
David advises agents to be proactive in managing claims, educate clients, and collaborate with adjusters for better outcomes.Connect with:
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