Standard Steel, LLC

500 N. Walnut Street
Burnham, PA 17009

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.
Needs Attention

Experience Mod Rating

Mod is an indication of how risky a company is to insure. It is based on a company's claim history.

  • Experience Mod is high. It is in the 78th percentile compared to peers.
  • Mod decreased by more than 75% of peers.
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 100% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 32%. While peers Increased an average of 5%.
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.

  • 13% of peers have changed carriers since last year.
  • Of those who changed carriers, 26% decreased their LCM vs those who stayed with their current provider who saw a 1.5% decrease, a difference of roughly 17x.
  • Current Carrier's market share is in the 95th percentile at 62.5% of the market.
Needs Attention

OSHA

Most employers with 10 or more employees are required to maintain injury and illness records, known as the 300 log. In the event of an inspection, this information will likely be requested. Even without injury or claim, the proper documentation should be readily available on a location by location basis. These logs are critical but simple to maintain.

  • Businesses with serious and/or repeat violations should be provided with risk management practices to eliminate unnecessary risk and minimize what must exist in current processes.
Needs Attention

Business Stats

Policy History

Term Exp. Mod Carrier Premium LCM
2022

2.140
2021

1.627
2020

1.544
2019

1.544
2018

1.544
2017

1.544
2016

1.468
2015

1.471
2014

-
2014
07-01-2013

-
2014
07-01-2013

-
2013

-
2013
12-12-2012

-
2013
07-01-2013

-
2012

-
2012
07-01-2012

-
2011

-
2011
07-01-2011

-
2010

-
2010
07-01-2010

-
2009

-
2009
07-01-2009

-

Contacts

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Benefits Admin
(427) 329-1972
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Member
(280) 293-1129
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Benefits Admin
(262) 229-1324
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Benefits Admin
(776) 316-6351
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Benefits Admin
(913) 644-6204
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Benefits Admin
(233) 422-9751
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Benefits Admin
(812) 593-9552
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Benefits Admin
(721) 913-3656
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Senior Vice President - Finance & Administration
318445087
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 20,847,269 $ 52,601,113 $ 40,526,045 $ 25,189,445 $ 56,640,096 $ 43,625,855 $ 15,359,971 $ 54,700,086 $ 86,555,759 $ 21,244,343 $ 9,360,319 $ 97,203,111
Liabilities: $ 0 $ 2 $ 24 $ 7 $ 9 $ 42 $ 9 $ 299 $ 97
EE Contrib: $ 996,441 $ 640,002 $ 5,085,426 $ 631,309 $ 391,486 $ 716,006 $ 935,888 $ 140,528 $ 308,740 $ 630,410 $ 816,341 $ 570,233
Emp Contrib: $ 756,505 $ 211,667 $ 396,647 $ 539,600 $ 39,880 $ 581,295 $ 651,517 $ 720,166 $ 726,805 $ 98,279 $ 4,492,144 $ 135,023
Income/Loss: $ 1,937,546 $ 6,463,518 $ 2,387,176($ 8,735,968) $ 6,897,110 $ 296,301($ 6,122) $ 391,614 $ 4,511,679 $ 6,061,508($ 714,350) $ 4,961,980
Total Income: $ 4,715,304 $ 4,345,869 $ 229,270 $ 435,743 $ 7,736,777 $ 2,096,832 $ 556,516 $ 3,724,403 $ 409,057 $ 8,615,956 $ 7,038,836 $ 1,959,018
Paid Benefits: $ 1,790,826 $ 6,211,780 $ 1,357,486 $ 8,253,153 $ 2,320,792 $ 2,212,980 $ 8,582,770 $ 6,917,638 $ 3,450,606 $ 8,421,207 $ 644,804 $ 6,635,582
Expenses: $ 0 $ 4 $ 93 $ 8 $ 6 $ 959 $ 4 $6,000,000,000 $ 46 $ 14
  Commission: $ 92,516 $ 3,589($ 3,080) $ 47,642 $ 28,271 $ 38,369 $ 2,151 $ 9,548 $ 1,828 $ 3,449 $ 9,992 $ 5,165
Net Income: $ 2,831,040 $ 3,995,253 $ 3,865,881($ 7,114,869) $ 294,064 $ 5,183,506($ 5,469,390) $ 842,154 $ 4,947,272($ 824,329) $ 4,921,640 $ 5,193,825
Net Assets: $ 23,839,458 $ 43,765,630 $ 23,442,436 $ 38,242,551 $ 69,618,993 $ 72,158,874 $ 79,080,678 $ 87,845,227 $ 85,484,897 $ 21,875,875 $ 3,199,897 $ 28,213,346

Participants

202120202019201820172016201520142013201220112010
Total Participants:125942832333240215634918551949696756
Active Part.:972106059495210824586784
Retired Part.:684053128731
Deceased Part.:ef75fd69a 7f3cfae 7

Insurance

No Insurance Coverage

Providers

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XXIHIWEGO, JLDInvestment advisory (plan)
Compensation:$35,415
Relation:INVESTMENT ADVISOR
LCCCSVSE XSPTJMEIMAZ HQMMNVQOMVXLCParticipant loan processing
Sub-transfer agency fees
Recordkeeping fees
Account maintenance fees
Compensation:$32,973
Relation:RECORDKEEPER
UXAOQDQMO STKSXLGT, RTK.Investment advisory (plan)
Compensation:$23,642
Relation:ADVISOR
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Source: PRMCP ODYSSEY GROWTH - U.S. BANK G
Sub-transfer agency fees
Compensation:0.10%

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.

    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.

    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.

    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.

Health Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 0 $ 6 $ 6 $ 0 $ 86 $ 6 $ 7 $ 9 $ 6 $ 0 $ 8
Liabilities: $ 0 $ 7 $ 27 $ 3 $ 6 $ 73
EE Contrib: $ 0 $ 76 $ 90 $ 714 $ 144 $ 714 $ 48 $ 12
Emp Contrib: $ 0 $ 9 $ 9 $ 6 $ 2 $ 8
Income/Loss: $ 0 $ 6 $ 0 $ 96 $ 1 $ 99 $ 6 $ 744 $ 80 $ 900
Total Income: $ 0 $ 7 $ 5 $ 377 $ 3 $ 1 $ 7 $ 1
Paid Benefits: $ 0 $ 86 $ 69 $ 3 $ 68 $ 4 $ 4 $ 2 $ 3
Expenses: $ 0 $ 25 $ 4 $ 52 $ 7 $ 9 $ 59 $ 5 $ 65 $ 6
  Commission: $ 0 $ 675 $ 70
Net Income: $ 0 $ 94 $ 1 $ 8 $ 6 $ 491 $ 815 $ 1 $ 21
Net Assets: $ 0 $ 798 $ 7 $ 87 $ 5 $ 7 $ 68

Participants

202120202019201820172016201520142013201220112010
Total Participants:5957509909503289666222612613888543763380056
Active Part.:5786381591796715963253379116113794770
Retired Part.:128277734887620979020316442453
Deceased Part.:39fcaaf8f71f289ce63f619

Insurance

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Renewal:12-31-2021
Covered:637
  1. Life Insurance
  2. Temp. Disability Insurance
  3. Long Term Disab. Ins
  4. ACCIDENTAL DEATH AND DISMEMBERMENT

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 693,169
Commission15% $ 103,975
Fees3.61% $ 25,000
Brokers
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Renewal:12-31-2021
Covered:1211
  1. Vision

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 58,041
Commission5% $ 2,902
Fees0% $ 0
Brokers
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Renewal:12-31-2021
Covered:77
  1. Health
  2. Prescription Drug
  3. PPO Contract

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 293,530
Commission0% $ 0
Fees0% $ 0

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.

    4L - Death benefits (include travel accident but not life insurance).

    4Q - Other.


OSHA