TRANSPORTATION & INDUSTRIAL SERVICES

3772 PURITAN WAY, UNIT 4
ERIE, CO 80516

Talking Points

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • Increasing LCM and decreasing market share may indicate carrier is tightening underwriting guidelines and/or has written higher risk accounts that they are less willing to fight for.
  • Premium increased after the policy was bound. Did payroll jump for some reason or was a credit removed?
Needs Attention

Premium

Worker's Comp premium is based on two key factors - the LCM your carrier has filed to use, and the total payroll you run over the policy term, which is multiplied by the rate to determine premium. Comparing premium to businesses in the same industry and of similar size can indicate how fair your WC insurance provider's costs are relative to the market.

  • Premium is Higher than 82% of peers.
  • In the last year, premium Decreased by 15%. While peers Increased an average of 29%.
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 Higher than 67% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 3%. While peers Increased an average of 0%.
Needs Attention

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.

  • 33% of peers have changed carriers since last year. Those who did, saw a 52% decrease in premium vs those who stayed with their current provider had a 17.5% decrease, roughly 3x those who stayed with their current provider. This might indicate carriers are competing aggresively for similar businesses to cover.
  • Of the 33% of peers who changed carriers, This might indicate carriers are competing aggresively for similar businesses to cover.
  • Current Carrier's market share is in the 95th percentile at 33.3% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023
AR
1.688
2022

1.590
2022

2.080
2022

1.707
2022

1.496
2022

1.459
2022
03-12-2022
AR
1.688
2021

1.540
2021
03-12-2021
AR
1.688
2020

0.000
2020
03-12-2020
AR
1.688
2019

-
2018

-
2018

-
2018

-
2018
12-01-2018
AR
1.688
2018
12-01-2018

1.390
2017

-
2016

-
2015

-
2014

-
2013

-
2012

-

Contacts

YUSN UFLFJVM
President
(355) 658-4072
ilof.pxaleqy@qeabjtpoe.hma

QMGA NPVSIKK
Benefits Admin
(195) 328-7957
01f10

MDVR SCUISXK
Benefits Admin
(806) 767-9974
6d4d

135
(578) 060-1368
1f4

Industry Classification

Retirement Benefits

Financials

20212020201920182017201620152014
BOY Assets: $ 1,843,723 $ 3,747,884 $ 6,910,666 $ 5,175,438 $ 591,386 $ 105,771 $ 961,129 $ 7
Liabilities: $ 0 $ 85 $ 6
EE Contrib: $ 96,804 $ 68,901 $ 51,294 $ 76,144 $ 94,134 $ 86,015 $ 48,725 $ 152,402
Emp Contrib: $ 120,551 $ 1,056 $ 71,811 $ 14,458 $ 5,401 $ 517 $ 16,948 $ 69,839
Income/Loss: $ 250,876 $ 475,652 $ 715,481($ 89,073) $ 291,541 $ 66,714($ 67,583)($ 880)
Total Income: $ 468,231 $ 118,591 $ 522,212 $ 95,813 $ 165,633 $ 857,189 $ 898,107 $ 941,975
Paid Benefits: $ 64,286 $ 7,363 $ 3,953 $ 50,638 $ 5 $ 65,060 $ 17,085 $ 30
Expenses: $ 0 $ 413 $ 329 $ 3 $ 775 $ 264 $ 430
  Commission: $ 13,590 $ 738 $ 5,562 $ 97 $ 22 $ 954 $ 76 $ 714
Net Income: $ 390,355 $ 774,940 $ 620,957 $ 29,245 $ 625,252 $ 954,465 $ 45,666 $ 481,511
Net Assets: $ 2,234,078 $ 206,400 $ 3,362,421 $ 1,985,521 $ 9,447,433 $ 153,834 $ 61,167 $ 784,008

Participants

20212020201920182017201620152014
Total Participants:2383712721066995
Active Part.:1789949203507341
Retired Part.:3019999a6a9a
Deceased Part.:b 4f43 64ea6e

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2A - Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).

    2E - Profit-sharing

    2F - ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.

    2G - Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.

    2J - Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.

    2S - Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.

    2T - Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.

    3D - Pre-approved pension plan - A master, prototype, or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Motor Carrier