What Is Your Workers' Comp Mod Costing You? New Booklet And Web Site Demystify Experience Rating

Brentwood, TN, February 22, 2001 – In a new booklet entitled "Master Your Workers' Comp Modifier," author Tim Coomer writes, "Many companies have the misunderstanding that a mod of 1.0 is good. This is like saying a "C" on your grade school report card is good. A mod of 1.0 is average, and a company should strive to decrease their losses in order to beat the average and lower their workers' compensation insurance costs."

While most business owners and financial managers attempt to understand every cost associated with doing business, many don't realize the significance of the workers' compensation modification factor (mod) on their cost of workers' compensation insurance. The mod is communicated on an experience rating worksheet with industry jargon that can be intimidating to non-insurance professionals. Many people don't get beyond this technical language to realize that the experience rating worksheet can provide valuable insight into their company's operation.

Coomer and his company, Specific Software Solutions, LLC, have collaborated with G. Neil Companies to develop a product to help general business professionals better understand the significance of their mod and its associated factors on the experience rating worksheet. "Master Your Workers' Comp Modifier" consists of the booklet and a related web site at which users can input information from their experience rating worksheet and generate a multifaceted mod analysis.

The booklet and web site strive to explain the mod and its factors with minimal industry jargon. Topics in the booklet include

• An introduction to experience rating
• The experience rating process and formula
• Analyzing your mod
• Controlling your mod
• Using gneilmodmaster.com to perform a mod analysis

The web site, www.gneilmodmaster.com, is the first to offer an online analysis of the workers' comp mod. It steps the user through entering required data, then presents four distinct analyses that highlight the factors impacting the mod and how those factors might be better controlled to lower the mod. One year's access to the analysis tools on the site is provided with the booklet. The booklet/web access package and subsequent years' subscription to the site are both available from G. Neil's online presence, www.HROne.com, or by phone at 877.968.7471 (1.877.YOUR.HR1).

"We believe this product can help many businesses to better understand their mod," said Coomer. "We hope that it will be a catalyst to improve dialog between businesses and their insurance advisors. In fact, some insurance companies are recognizing the web analysis as a great tool for themselves and their clients. Controlling costs is always important, but as the economy slows, this product can be especially helpful to a business."

Provided by: Specific Software Solutions, LLC