Insurance Xdate > Reports > CT > Option Institute & Fellowship


Commercial Insurance Overview

Option Institute & Fellowship is based in Litchfield county in Connecticut. They operate in the Services industry, specifically in Elementary and Secondary Schools, which is a low risk industry. The business is in a Professional Employer Organization (PEO), which offers coverage to a pool of businesses to manage risk. These are often offered by HR companies. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

The business is in a PEO, often offered by HR and Payroll companies. Having been with the same worker's comp carrier for 9 years, it may be wise to shop around. We see commercial coverage for them in 9 states including Colorado, Connecticut, Florida, Indiana, Massachusetts, Maryland, North Carolina, Nevada, Texas.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.340. A 1.340 LCM overall is a bit high, but check the market comparison below for more details.

An Experience Mod (MOD) is a rate applied to the business. It represents how risky the business is based on past claims. This business has a MOD of... You'll need to join... Which is an excellent rating no matter the industry, and should be able to shop aggressively. The rating based on their claims (MOD) increased by INF% which is not good. It is worth investigating why, and taking action to mitigate risks

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Option Institute & Fellowship. This can give you an idea of what carriers might best fit your business.

$3.85$0.75
Erie Ins Grp
$1.50
$1.04$2.30
Berkshire Hathaway Grp
$2.20
$1.20$2.08
Hartford Fire & Cas Grp
$1.91
$0.83$3.56
Travelers Grp
$1.32
$0.85$3.85
Amtrust Ngh Grp
$1.85
$1.00$2.30
State Farm Grp
$2.09
$1.14$2.10
Selective Ins Grp
$3.03
$1.10$3.43
Markel Corp Grp
$2.06
$1.40$2.39
Proassurance Corp Grp
$1.65
$1.00$1.73
Liberty Mut Grp
$1.56
$0.75$3.20

Market Comparison for Option Institute & Fellowship

Experience Mod Rating

Mod is an indication of how risky a company is to insure. It is based on a company's claim history.

  • Experience Mod is in-line with peers, in the 33rd percentile.
  • There was a recent mod increase.
Needs Attention

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Very Good, in the 33rd percentile compared to peers.
  • In the last year, LCM Decreased by 0%. While peers Increased an average of 9%.
Average

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 6% of peers have changed carriers since last year.
  • Of those who changed carriers, 28.7% decreased their LCM vs those who stayed with their current provider who saw a 12.4% increase, a difference of roughly 2x.
  • Current Carrier's market share is in the 95th percentile at 11.1% of the market.
Needs Attention

Business Owners

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Agents

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Policy Renewal Date
Current Carrier
Policy Number
SIC Code
NAICS Code
Ex MOD
LCM
Multiple Locations
Multi State
Carrier Tenure
Revenue
Employees
Contact Email
Contact Phone
Website
Benefits
DOT
FEIN
Coverage History


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Carriers & Underwriters

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  • Competitive Account Won/Loss
  • Competitive Class distribution
  • Appetite Analysis
  • Market Share Analysis