Insurance Xdate > Reports > IL > Silkroad Technology


Commercial Insurance Overview

Silkroad Technology is based in Cook county in Illinois. They operate in the Services industry, specifically in Accounting Auditing and Bookkeeping, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

Having been with the same worker's comp carrier for 11 years, it may be wise to shop around. We see commercial coverage for them in 20 states including Arizona, Colorado, Connecticut, Florida, Georgia, Illinois, Kentucky, Maryland, Maine, Minnesota, Missouri, North Carolina, New Hampshire, Nevada, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.072. An LCM of 1.072 is pretty good. More details on how it compares can be seen below.

We know the Standard Premium for this company. You can see how it compares to similar businesses in the Market Comparison. The premium paid has decreased by -53%, does this mean payroll is decreasing or are they managing their risk better?

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Silkroad Technology. This can give you an idea of what carriers might best fit your business.

$3.85$0.75
Erie Ins Grp
$1.50
$1.04$2.30
Berkshire Hathaway Grp
$2.20
$1.20$2.08
Hartford Fire & Cas Grp
$1.91
$0.83$3.56
Travelers Grp
$1.32
$0.85$3.85
Amtrust Ngh Grp
$1.85
$1.00$2.30
State Farm Grp
$2.09
$1.14$2.10
Selective Ins Grp
$3.03
$1.10$3.43
Markel Corp Grp
$2.06
$1.40$2.39
Proassurance Corp Grp
$1.65
$1.00$1.73
Liberty Mut Grp
$1.56
$0.75$3.20

Market Comparison for Silkroad Technology

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 in-line with peers, in the 35th percentile.
  • In the last year, premium Decreased by 53%. While peers Increased an average of 10%.
Good

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 8th percentile compared to peers.
  • In the last year, LCM Increased by 0%. While peers Increased an average of 8%.
Average

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 18.4% decrease in premium vs those who stayed with their current provider had a 8% decrease, roughly 2x those who stayed with their current provider.
  • Current Carrier's market share is in the 95th percentile at 49.1% of the market.
Needs Attention

Business Owners

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Agents

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SIC Code
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Premium
LCM
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Multi State
Carrier Tenure
Revenue
Employees
Contact Email
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Benefits
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Loss Cost
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Carriers & Underwriters

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  • Competitive Account Won/Loss
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  • Appetite Analysis
  • Market Share Analysis