Group Retrospective Rating
This program is designed for companies who wish to pool together and potentially earn discounts or pay additional premiums based on the performance of the group during the retro year. All participants pay their normal premium up-front. Upon evaluation at 12 months, 24 months and 36 months, if the group has incurred less in losses than BWC would expect it to, the group members receive a refund of premiums. However, if the group has more incurred in losses than expected, BWC will collect additional premiums from the group members.
Contact the V & A Group Retro Department at 800.493.9662 or e-mail email@example.com for more information. (Deadline 4/30)
Individual Retrospective Rating
This program is designed for larger employers who are willing to start self-insuring part of their program. Essentially, employers become responsible for the direct medical and compensation costs associated with their claims in a given year (July 1 through June 30). In exchange, the BWC significantly reduces the employer’s premium liability for the same time frame.
Employers who aggressively manage their cases and have comprehensive safety programs can find this program to be quite lucrative. The fewer claims in the retro period equal greater savings to the employer.
In addition to an annual savings analysis, V&A provides its retro clients with monthly reporting to assist them in forecasting their retro claims liability. Additionally, each client will receive an extensive year end summary detailing the retro advantage (loss), claim buyout, and year end billing estimates.
Retrospective Rating Enrollment Kit (Deadline 4/30)