INTELLISYSTEMS INC

PO BOX 1527
AUGUSTA, GA 30903

Talking Points

For the Agent

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

  • Premium decreased after the policy was bound. Did payroll drop, or a last minute credit?
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 90% of peers.
  • In the last year, premium Decreased by 32%. While peers Increased an average of 7%.
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 20th percentile compared to peers.
  • In the last year, LCM Decreased by 9%. While peers Increased an average of 2%.
Good

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. Those who did, saw a 25.7% decrease in premium vs those who stayed with their current provider had a 9.6% increase, roughly 3x those who stayed with their current provider.
  • Of those who changed carriers, 22.8% decreased their LCM vs those who stayed with their current provider who saw a 4.1% increase, a difference of roughly 6x.
  • Current Carrier's market share is in the 95th percentile at 33.8% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023

0.875
2022

1.271
2022

0.874
2021

1.390
2021

0.876
2020

1.390
2020

0.876
2019

1.483
2019

-
2019

-
2019
11-25-2018

1.520
2018

1.520
2018

-
2017

1.520
2017

-
2016

-
2016

-
2016
11-25-2015

-
2015

-
2015

-
2014

-
2014

-

Contacts

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Owner
(167) 788-1391
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Benefits Admin
(618) 575-6227
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President/CEO
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(857) 828-3211
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Industry Classification

Retirement Benefits

Financials

2021202020192018
BOY Assets: $ 1,621,589 $ 2,073,954 $ 924,208 $ 1
Liabilities: $ 0 $ 4 $ 5
EE Contrib: $ 152,222 $ 871,206 $ 369,636 $ 693,124
Emp Contrib: $ 135,949 $ 290,379 $ 7,418 $ 88,928
Income/Loss: $ 272,273 $ 318,843 $ 565,613($ 70,753)
Total Income: $ 560,444 $ 896,437 $ 971,757 $ 806,367
Paid Benefits: $ 20,164 $ 9,375 $ 99,497 $ 847
Expenses: $ 0 $ 86 $ 8
  Commission: $ 741 $ 744 $ 259 $ 73
Net Income: $ 539,539 $ 393,395 $ 158,573 $ 59,209
Net Assets: $ 2,161,128 $ 2,318,776 $ 7,091,918 $ 717,078

Participants

2021202020192018
Total Participants:26160567
Active Part.:20769385
Retired Part.:9b7 00
Deceased Part.:9cf1b

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

    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.

    2K - Stock bonusCode section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.

    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.

    2R - Participant-directed brokerage accounts provided as an investment option under the plan.

    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.