VIRGINIA UNITED METHODIST CREDIT UNION

PO BOX 13680
RICHMOND, VA 23225

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

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 13th percentile compared to peers.
  • In the last year, LCM Increased by 10%. While peers Increased an average of 9%.
Good

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, 4% decreased their LCM vs those who stayed with their current provider who saw a 10% increase.
  • Current Carrier's market share is in the 99th percentile at 70.3% of the market.
Good

Business Stats

Policy History

Term Carrier LCM
2022

1.099
(Current: 1.184)
2021

1.001
2020

1.001
2019

1.050
2018

1.050
2017

1.050
2016

1.150
2015

-

Contacts

Industry Classification