Is it Just Workers Comp?
We hear the question a lot. Maybe not ‘a lot’, but it always sticks out when I hear it. Or when someone says they are ‘only’ interested in Property xdates (a database that does not exist), or ‘I’m not a WC specialist’ (hint, not many of our clients are). What sticks out is the narrow view, or lack of knowledge. I’m not sure which is worse.
Consider this, there are about 300 carriers in a given state, with 70 carrier Groups representing a majority of those markets. Do you know how many ONLY write WC? 12. This is on average, some states it’s 250-260, others there are 310-330. And you have to add in some mono-line lone wolf’s, but it’s a minority.
So, 70-80% of the market writes other lines of coverage. And what do we know about our ‘package’ markets? They typically don’t write unsupported WC coverage, meaning they need another line, usually all the ‘Package’ coverages, with concurrent renewal dates, to do it.
That means when we see Travelers, Westfield, Erie, etc. on the WC, there is a high (HIGH) probability they are on the other lines, and they renew on the same date. AI can’t tell you that, but we can.
The point is, if guessing Package xdates was a game at the casino, I guarantee you Xdate would be banned. There are caveats and exceptions, like Pinnacol, a (currently) CO only, WC only market, that has a bit of OCD about their renewal dates, having all policies expire on the first (e.g. 2/21/24 to 3/1/25 ). Texas Mutual in…Texas (another WC only market, could care less about the day of the month), but when you play the odds, you’re going to win a lot more than you lose. A lot.