ELECTRI-FLEX CO

222 CENTRAL AVE
ROSELLE, IL 60172

Talking Points

For the Agent

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

  • Premium decrease and carrier tier change may indicate competitive situation and incumbent prevailed.
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 89% of peers.
  • In the last year, premium Decreased by 0%. While peers Increased an average of 2%.
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 90% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Decreased by 11%. While peers Increased an average of 3%.
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.

  • 17% of peers have changed carriers since last year. Those who did, saw a 8.9% decrease in premium vs those who stayed with their current provider had a 4.4% increase, roughly 2x those who stayed with their current provider.
  • Of those who changed carriers, 6.4% decreased their LCM vs those who stayed with their current provider who saw a 4.5% increase.
  • Current Carrier's market share is in the 95th percentile at 9.1% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023

2.660
2022

2.977
2021

2.380
2020

-
2020

-
2019

-
2018

-
2017

-
2016

-
2015

-
2014

-

Contacts

URFJNYA XDAVXH
Benefits Admin
(541) 755-5387
40e

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President
(240) 676-5258
emmpsgxrvzh@urhjdlhdpli.yzh

SQUJC YOSWONWQ
Benefits Admin
(908) 597-6595
2e40

HBXKZ DGRXHGXK
CEO
69
b.gwydaytm@udjdd.vsa

PPDDFKR ZUJWUK
Director Human Resources
(430) 451-1337
frgglgn@jdjwwizuody.rgi

Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 11,984,224 $ 753,781 $ 1,286,422 $ 7,268,549 $ 8,308,238 $ 6,757,901 $ 6,484,539 $ 891,011 $ 505,750 $ 4,629,291 $ 5,391,942 $ 484,615
Liabilities: $ 0 $ 0 $ 2 $ 0 $ 0 $ 7
EE Contrib: $ 655,347 $ 30,163 $ 792,627 $ 271,159 $ 572,192 $ 68,003 $ 92,418 $ 887,510 $ 100,158 $ 442,997 $ 317,186 $ 500,583
Emp Contrib: $ 232,846 $ 234,343 $ 490,450 $ 561,238 $ 786,086 $ 111,526 $ 360,046 $ 741,882 $ 781,577 $ 161,220 $ 570,339 $ 38,839
Income/Loss: $ 1,044,694 $ 5,675,501 $ 5,056,484($ 590,564) $ 745,389 $ 387,527 $ 62,922 $ 532,644 $ 686,482 $ 98,934($ 21,041) $ 175,576
Total Income: $ 2,102,327 $ 2,401,288 $ 3,468,443 $ 405,874 $ 729,551 $ 3,949,490 $ 260,338 $ 952,031 $ 8,341,460 $ 746,745 $ 93,115 $ 210,644
Paid Benefits: $ 563,690 $ 777,414 $ 930,659 $ 4,659,359 $ 229,667 $ 851,665 $ 19,407 $ 18,362 $ 991,191 $ 20,106 $ 8,306,448 $ 845,149
Expenses: $ 0 $ 204 $ 8 $ 0 $ 0 $ 1
  Commission: $ 29,291 $ 28,945 $ 96,554 $ 49,926 $ 34,953 $ 81,607 $ 45,995 $ 8,669 $ 7,492 $ 6,436 $ 4,215 $ 3,777
Net Income: $ 1,509,346 $ 2,553,219 $ 746,634($ 534,503) $ 379,122 $ 826,501 $ 6,288 $ 81,531 $ 4,472,790 $ 779,848($ 4,775,039) $ 983,650
Net Assets: $ 13,493,570 $ 24,904,482 $ 74,202,335 $ 3,168,219 $ 2,605,690 $ 9,927,281 $ 2,819,455 $ 9,413,327 $ 5,005,248 $ 6,533,407 $ 8,148,162 $ 6,118,393

Participants

202120202019201820172016201520142013201220112010
Total Participants:1232387586631459790195217725893
Active Part.:10460737059304069681371b86f
Retired Part.:bddd07f75fbb7c7ad2bdfdd
Deceased Part.:b26f5268696a94f53934c937

Insurance

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Renewal:12-31-2021
Covered:123
PENSION_EOY_SEP_ACCT_AMT: 0PENSION_PREM_PAID_TOT_AMT: 0

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 0
Commission $ 0
Fees $ 0

Providers

QDCSTCLZRY LFRAHSDRQK WBXXDMHSC RKW
TBPSKNDY HOCD KIXNVLXD BEAInvestment advisory (plan)
Compensation:$23,432
Relation:NONE
HFRQQWLKHZ PDLTNETSPW ELZCPGATH ZPCContract Administrator
Recordkeeping and information management (computing, tabulating, data processing, etc.)
Participant loan processing
Direct payment from the plan
Recordkeeping fees
Compensation:$5,665
Relation:NONE
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Source: PRUDENTIAL INVESTMENTS, LLC
Recordkeeping and information management (computing, tabulating, data processing, etc.)
Sub-transfer agency fees
Recordkeeping fees
Compensation:22.000 BPS AND $0.00 PER PARTICIPANT INVESTED IN THE FUND FROM 1/1/2021 TO 12/31/2021 PGIM JENN MID-CAP GRWTH Z
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Source: PRUDENTIAL INVESTMENTS, LLC
Recordkeeping and information management (computing, tabulating, data processing, etc.)
Sub-transfer agency fees
Recordkeeping fees
Compensation:27.000 BPS AND $0.00 PER PARTICIPANT INVESTED IN THE FUND FROM 1/1/2021 TO 12/31/2021 PGIM JENNISON SML CO Z
LKMYLYDMMX AXDBXGJOSB ZXRXHNRBM KJJ
Source: PRUDENTIAL RETIREMENT INSURANCE AND
Recordkeeping and information management (computing, tabulating, data processing, etc.)
Recordkeeping fees
Compensation:30.000 BPS AND $0.00 PER PARTICIPANT INVESTED IN THE FUND FROM 1/1/2021 TO 12/31/2021 GUARANTEED INCOME FUND

Features

    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.

    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.

    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.

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

Health Benefits

Financials

2021202020192018201720162015
BOY Assets: $ 0 $ 4 $ 0 $ 64 $ 4 $ 84 $ 5
Liabilities: $ 0 $ 7 $ 9
EE Contrib: $ 0 $ 4 $ 323 $ 8
Emp Contrib: $ 0 $ 8 $ 685 $ 55
Income/Loss: $ 0 $ 4 $ 74 $ 264
Total Income: $ 0 $ 29 $ 74 $ 5 $ 7
Paid Benefits: $ 0 $ 4 $ 8 $ 88 $ 5
Expenses: $ 0 $ 50 $ 7 $ 122 $ 7
  Commission: $ 0 $ 76 $ 3 $ 61 $ 96
Net Income: $ 0 $ 32 $ 97 $ 5 $ 367
Net Assets: $ 0 $ 8 $ 5

Participants

2021202020192018201720162015
Total Participants:123605957115185525227
Active Part.:123087241904643065688
Retired Part.:2 ba726
Deceased Part.:d922d353435

Insurance

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Renewal:12-31-2021
Covered:98
  1. Dental

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 63,323
Commission9.99% $ 6,329
Fees0% $ 0
Brokers
XMDFCVOBC XBEERENOVD XY MTNBWYZA
Renewal:12-31-2021
Covered:155
  1. Health

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 1,030,369
Commission3.99% $ 41,074
Fees0.62% $ 6,393
Brokers
JZUYSIYIJIUPEJHF TZEFKXQBA PATMABJ
Renewal:12-31-2021
Covered:67
  1. Vision

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 15,009
Commission10% $ 1,501
Fees0% $ 0
Brokers
MXR TVETHRN YGHVQJHE XMDC QWUNBTMXX FYENGIY
Renewal:12-31-2021
Covered:123
  1. Life Insurance
  2. AD&D

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 11,379
Commission15% $ 1,707
Fees0% $ 0
Brokers
XDM WLAYEFS RMTNEZOJ DYMW RJKGTCRLX KDKELVR
Renewal:12-31-2021
Covered:123
  1. Temp. Disability Insurance

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 11,284
Commission15% $ 1,693
Fees0% $ 0
Brokers
VWA LLDBOQO NMBYVZQT AGBO OORDXJMYW UGYVUEZ
Renewal:12-31-2021
Covered:105
  1. Long Term Disab. Ins

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 31,741
Commission15% $ 4,761
Fees0% $ 0
Brokers

Providers

No Providers

Features

    4A - Health (other than vision or dental).

    4B - Life insurance.

    4D - Dental.

    4E - Vision.

    4F - Temporary disability (accident and sickness).

    4H - Long-term disability.

    4Q - Other.