The Value of Working with a Specialized Workers’ Compensation Carrier

The third quarter of 2018 saw an increase in premium renewal rates across nearly all lines of commercial business, except for workers’ compensation.  We are still operating in a softer market and commercial carriers are willing to package the workers’ comp with other lines of business.  Just because they will doesn’t mean that they should!

Fun fact:  15% of employees injured in workers’ comp accidents drive 80% of the system cost.  Jencap works with specialized carriers that understand this.  Our carrier partners have cutting edge technology and work with expert medical professionals to close claims faster, resulting in an average of 50% fewer open claims than the industry average.

Industry studies also show that an employee off work for 12 weeks has 50% likelihood of never returning to work.  Do you want that lengthy claim affecting your loss ratios and contingencies with your direct markets?  Traditional insurers and third-party administrators get paid more as your experience deteriorates. 

Every business faces unique challenges and one size fits all solutions simply don’t work.  There is so much value in working with a specialized workers’ compensation carrier.  Here’s why:

  • Safety and Health Resources:  Jencaps’ carrier partners have specialists educate and work with policyholders to implement programs, and address core exposures and loss drivers to foster a safe work environment.  They have professional loss control and risk management services specifically designed for your clients’ industry and business size to help prevent claims from ever happening.
  • Fraud Detection and Prevention Units:  Workers’ Comp carriers are best at detecting workers’ comp fraud.  These specialized units save your clients so much money – on their policy premiums and experience mods, along with the cost of having to replace the work of an employee who is faking an injury.  One of the biggest benefits is how much this improves morale for your clients’ workforce.  After all, who wants to pick up the slack of an employee who’s getting paid to fake an injury?
  • In House Employees:  Our workers’ compensation partners have in house claims handing, premium audit services, legal department, and fraud specialists.  No one handles the claim better than the carrier themselves!
  • Loss Ratio Protection:  Absorbing a shock loss or frequency issue with one of your workers’ compensation accounts can be detrimental to your contingencies with your direct markets.  Place the workers’ comp with Jencap and protect your agency’s loss ratios.  Our carrier partners are experts at closing claims faster and getting your clients’ employees back to work. 
  • Expert Claims Handling:  Specialized workers’ compensation carriers don’t just collect the information on the claim and send it in for review.  Our partners hire trained medical professionals to collect specific and relevant behavioral issues, along with psychosocial characteristics and physical injury information.  They help identify those employees that have other non-injury issues in their lives where the injury is not the primary cause of lost time – and get them back to work.

Jencap’s underwriters are industry-leading experts with extensive designations in this field.  They will make you look like a hero to your clients.

We have over 30 monoline Workers’ Compensation markets in the state of Georgia.  We specialize in multi-state risks, tougher class codes, new ventures / coverage lapses, high experience mods, and everything in between.

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