How we Display Rate & Pricing Factors on Insurance Xdate & Why You Should Know

 Loss Costs –

Insurance Xdate displays the most current LC’s available on the day they go into effect (usually).  Using an example –

GA’s most recent LC’s went into effect on 3/1/16.  So if you are looking at a prospect that renews on 11/1/16 – the LC used to rate their policy will be different than what is being shown on Insurance Xdate.  This is because the prospect’s expiring WC coverage was issued on 11/1/15 – so the LC’s being used to rate the policy were effective 3/1/15.

Assigned Risk Rates –

In AR markets, the state’s respective rating bureau typically sets the AR Rates that are used in rating those businesses.  The AR Rates are typically filed and effective the same date LC’s are filed.  Insurance Xdate displays the most current AR Rate available and is subject to the above scenario. 

Loss Cost Multipliers –

We here at Insurance Xdate have no idea if any of the states have any regulations with regard to when or how LCMs may be filed or when they can go into effect other than the Carrier needs to file documentation that supports their filing.  It appears in most states that they are filed and effective annually but some states, such as PA, they can be filed on a monthly basis. 

We do our best to make sure we are providing the most current LCM filings available.  So similar to our LC scenario, depending on when the prospect’s policy is effective and when the Carrier’s LCM filing was effective, we may be showing the Carrier’s current LCM filing but the prospect’s policy was rated based on a previous LCM filing.

-          Note if a carrier has a ‘sub’ filing we display their typical LCM; if the Carrier has LCM tiers we display their ‘standard’ filing

Standard Premiums –

In our states where the businesses’ SP is available we will have it as search criteria for creating a prospect list as well as display it in the prospects’ Company Info section for reference.  This is the Standard Premium for the Prospect’s Workers Comp coverage and not to be confused with the Total Cost.  We cannot confirm if the displayed SP is reflective of all class codes used in their policy rating or specific to the payroll exposure for only the primary exposure classification.  After comparing several examples it appears to be specific to the primary class code exposure, but we are not guaranteeing this.

Class Code Descriptions –

In states where Class Codes are available Insurance Xdate displays the most common/generally accepted description for that Class Code.  Keep in mind a class code can have multiple descriptions and can vary based on the businesses’ specific operation.   Here is a quick example –

The most common description is “Farm Nursery Employees & Drivers” therefore this is the description we will display.