MIDWEST REGIONAL BANCORP DBA MIDWEST

363 FESTUS CENTRE DR
FESTUS, MO 63028

Talking Points

For the Agent

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

  • A break in policy terms may indicate inconsistent work load which can result in substandard employment.
  • 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.
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 69% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 2%. While peers Increased an average of 2%.
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.

  • 10% of peers have changed carriers since last year.
  • Of those who changed carriers, 17% decreased their LCM vs those who stayed with their current provider who saw a 4.2% increase, a difference of roughly 4x.
  • Current Carrier's market share is in the 25th percentile at 10% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2022

-
2022

1.381
2022

1.908
2022

-
2022

1.730
2021

-
2021

1.343
2021

1.910
2021

1.700
2020

-
2020

1.343
2020

-
2020
01-22-2020

1.700
2019

-
2019

-
2019

1.270
2019

1.590
2018

-
2018

-
2018

-
2017

-
2017

-
2017

-
2017

-
2016

-
2016

-
2016

-

Contacts

EIGDRHA ZQBSKY
Benefits Admin
(057) 150-9405
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TALZE IKVKDE
Benefits Admin
(368) 554-5994
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(181) 283-6830
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(897) 568-7035
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Industry Classification