SOUTHWEST FINANCIAL FEDERAL CREDIT U

7610 N STEMMONS FWY, STE 110
DALLAS, TX 75247

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 in-line with peers, in the 55th percentile.
  • In the last year, premium Decreased by 14%. While peers Increased an average of 2%.
Average

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 57% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 4%. 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.

  • 5% of peers have changed carriers since last year.
  • Of those who changed carriers, 10.4% decreased their LCM vs those who stayed with their current provider who saw a 3.5% increase, a difference of roughly 3x.
  • Current Carrier's market share is in the 99th percentile at 73% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier Premium LCM
2022

1.858
2021

1.788
2020

1.788
2019

1.985
2018

1.985
2017

1.787
2016

1.390
2015

1.390
2014

-

Contacts

Njhiyul Waatknp
President
(263) 520-8028
Ubrxteu.Ywxevgk@wbmbcxodfkf.sbh

AJJHHMV D. ORKWLMG
Benefits Admin
(856) 041-1827
03 7

2e2
(795) 539-3995
20b3

Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 2,323,653 $ 9,729,369 $ 3,859,788 $ 6,325,661 $ 6,454,426 $ 1,288,298 $ 6,441,502 $ 750,687 $ 102,853 $ 746,413 $ 378,977 $ 739,762
Liabilities: $ 0 $ 11 $ 3 $ 6 $ 87 $ 7
EE Contrib: $ 106,353 $ 13,273 $ 837,621 $ 61,553 $ 70,210 $ 578,791 $ 46,581 $ 51,584 $ 82,376 $ 604,752 $ 5,653 $ 59,238
Emp Contrib: $ 137,409 $ 164,030 $ 800,688 $ 92,359 $ 97,561 $ 95,536 $ 25,375 $ 24,752 $ 27,934 $ 88,177 $ 62,759 $ 9,455
Income/Loss: $ 222,158 $ 269,632 $ 158,332($ 56,692) $ 309,153 $ 86,140($ 65,305) $ 14,612 $ 38,757 $ 39,181 $ 3,635 $ 17,830
Total Income: $ 465,920 $ 815,358 $ 7,939 $ 17,078 $ 797,230 $ 282,337 $ 822,940 $ 25,661 $ 369,048 $ 828,929 $ 85,154 $ 297,997
Paid Benefits: $ 10,858 $ 221,796 $ 600,878 $ 13,051 $ 7,117 $ 18,188 $ 89,595 $ 836,866 $ 8,187 $ 694,844 $ 250,227 $ 94,965
Expenses: $ 700 $ 987 $ 236 $ 8,549 $ 665 $ 73 $ 4,474 $ 8,565 $ 499 $ 281 $ 3,293 $ 6,100
  Commission: $ 0 $ 9 $ 9 $ 13 $ 359 $ 86 $ 7 $ 3 $ 7 $ 68
Net Income: $ 454,362 $ 40,911 $ 503,170 $ 1,120 $ 419,310 $ 557,211 $ 52,161 $ 63,468 $ 895,280 $ 531,821($ 54,074) $ 8,862
Net Assets: $ 2,778,015 $ 163,956 $ 9,396,810 $ 1,550,728 $ 5,502,282 $ 384,251 $ 3,669,499 $ 7,702,998 $ 884,054 $ 725,361 $ 490,342 $ 466,649

Participants

202120202019201820172016201520142013201220112010
Total Participants:359873425176893736432216
Active Part.:28299611034345645873dc80ddc
Retired Part.:5c6eda9ea5ad4824b127
Deceased Part.:b1a6a3b0936fd93979912623

Insurance

No Insurance Coverage

Providers

No Providers

Features

    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.

    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.

    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.

    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.

    2T - Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.

    2E - Profit-sharing