Business and Industrial Review; “Florida employers save on Workers’ Compensation Premiums”
Workers’ compensation premiums in Florida are increasing at an alarming rate. The causes are well known: medical overutilization, lenient attitudes towards claimants by the various Industrial Accident Boards, a generally litigious environment, outright fraudulent claims, aggressive claims reserving practices on the part of the insurance providers, and finally, automatic premium increases tied to poor loss experience.
The good news is that a new information management system named AcuComp, developed by National Insurance Advisory Services (NIAS), is now available to Florida employers. “Workers’ compensation premiums can indeed be lowered and then successfully controlled year after year,” noted James B. Conant, CEO of NIAS. “Since its introduction in the northeast in September of 1989, over three million dollars of actual premium savings have been realized by those employers enrolled in the program. Most employers cannot afford to be without a highly cost-effective solution to workers’ compensation costs.”
“For any employer who spends more than $50,000 a year on workers’ compensation premiums, our AcuComp program can have a dramatic impact,” Conant explained. “The key to keeping workers’ compensation premiums down is the ability to track and verify the accuracy of the premium components, especially open claims reserves, with an information management system. AcuComp is that system, one which was developed to help client employers cope with these ever increasing premiums. Since its introduction, AcuComp has enabled member firms nationwide to realize an average savings on their premiums of $83,000 per year.
Based in Boston, NIAS was founded in 1979 as strictly a “fee for service” organization. It does not sell insurance and it has provided cost-effective insurance advice to more than 600 employers during the past 12 years.
“I would like to stress the fact that we do not disturb the existing insurance company/client relationship in any way,” Conant said. “Insurance providers and agents realize the value of programs such as ours, which help employers control workers’ compensation costs.”
If you are one of the many employers who feel that it is time to intelligently manage your workers’ compensation program, contact National Insurance Application Systems at your earliest convenience. Their number is (800) 883-5600.
National Insurance Application Systems, Inc. has only one mission – to create as many measurable differentiators as possible for our member agents – resulting in higher policy counts, profits, closing ratios and spectacular growth.
AcuComp® improves loss ratios an average of 30 percent and permanently lowers experience modifiers together with premiums an average of 27 percent over time.
National Insurance Application Systems, Inc.
5730 Corporate Way, Suite 230
West Palm Beach, FL 33407
Toll Free: 800-883-5600