In this episode of The Power Producers Podcast, David Carothers interviews Kevin Ring, Lead analyst at the Institute of WorkComp Professionals. Kevin discusses the major updates from the National Council on Compensation Insurance (NCCI) and the complexities of Workers' Comp.
Episode Highlights:
Kevin explains that the National Council on Compensation Insurance (NCCI) is updating the experience mod, and talks about the two major changes that are coming. (3:53)
Kevin mentions that the values used on an experience mod are determined by the effective date of the mod and can impact the calculation of claims and the cap. (8:57)
Kevin discusses the use of experience mods in workers' compensation insurance premiums. (26:03)
Kevin suggests that staying dispassionate and accepting changes in the insurance industry, such as lower rates and increased interest in Workers' Comp, is important for success. (37:05)
Kevin discusses the importance of finding accurate and up-to-date information about class codes, claim situations, and state laws. (48:41)
Tweetable Quotes:
“Just be careful where you get your information from. If you're using the internet, both because it could be out of date and it might not be accurate.” - Kevin Ring
“Certainly happy to chat with anyone about a Worker's Comp question they have and to see if what we do at the institute might be a good fit for the agency that you're trying to grow.” - Kevin Ring
Resources Mentioned:
Kevin Ring LinkedIn
Institute of WorkComp Professionals
David Carothers LinkedIn
Kyle Houck LinkedIn
Florida Risk Partners
The Extra 2 Minutes
