O'CONNOR FINANCIAL SERVICES LLC

23206 MAGNOLIA WARBLER C
SPRING, TX 77389

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 in-line with peers, in the 54th percentile.
  • In the last year, premium Decreased by 72%. While peers Increased an average of 5%.
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.

  • 10% of peers have changed carriers since last year. Those who did, saw a 12.1% decrease in premium vs those who stayed with their current provider had a 4.3% decrease, roughly 3x those who stayed with their current provider.
  • Current Carrier's market share is in the 99th percentile at 83.9% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2023

-
(Current: 0.841)
2023

1.100
2022

1.693
2021

1.693
2020

1.693

Contacts

Qoxl D'Pnyjwu
President
(759) 047-1558
0986

Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013
BOY Assets: $ 974,469 $ 444,020 $ 285,848 $ 755,388 $ 584,376 $ 727,492 $ 22,847 $ 29,666 $ 986
Liabilities: $ 0 $ 4 $ 0 $ 2 $ 10
EE Contrib: $ 62,014 $ 816,558 $ 21,202 $ 468,492 $ 555,244 $ 74,124 $ 79,393 $ 7,132 $ 54,567
Emp Contrib: $ 48,527 $ 68,730 $ 1,701 $ 727 $ 8,997 $ 6,945 $ 126 $ 7,107 $ 6,732
Income/Loss: $ 170,546 $ 657,018 $ 343,151($ 34,110) $ 44,059 $ 43,322 $ 7,867 $ 1,620 $ 4,806
Total Income: $ 281,087 $ 345,788 $ 416,417 $ 649,217 $ 759,580 $ 13,533 $ 37,252 $ 72,577 $ 39,170
Paid Benefits: $ 0 $ 157,463 $ 0 $ 53,957 $ 0 $ 7 $ 1 $ 1,840 $ 332
Expenses: $ 0 $ 6 $ 3 $ 6 $ 1 $ 5 $ 5
  Commission: $ 8 $ 2,000 $ 2,289 $ 787 $ 20 $ 33 $ 30
Net Income: $ 281,079 $ 353,511 $ 631,346 $ 698,544 $ 807,206 $ 95,510 $ 22,675 $ 89,198 $ 33,226
Net Assets: $ 1,255,548 $ 975,917 $ 634,165 $ 403,385 $ 213,825 $ 731,186 $ 55,160 $ 59,747 $ 97,600

Participants

202120202019201820172016201520142013
Total Participants:691921894
Active Part.:60731460ca
Retired Part.:2af599e6f995692
Deceased Part.:8060e83a8ae09a

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

    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.