john ykema, director of sales & marketing arthur frisch, president, i3 analytics
TRANSCRIPT
Price like the ExpertsJohn Ykema, Director of Sales & MarketingArthur Frisch, President, i3 Analytics
Price Like The ExpertsIntroduction of i3 AnalyticsArthur FrischCurrent IntegrationFuture Enhancements
i3 Analytics
Technology• Data Visualization Software• Predictive Modeling and Machine Learning• Web-Based Mobile Applications
Our MissionImprove and enhance the value of our clients’ data by implementingpositive changes to company culture and analytical processes.
• RiskMD was formed in 2013 with offices in Orlando, Florida and commands 100+ years of insurance experience.
• RiskMD technology has processed more than $51 Trillion of payroll, premium and claims data since inception.
• RiskMD technology serves carriers, reinsurers, third party administrators, agencies and wholesalers in the P/C industry.
Services• Property & Casualty Analytics• Mergers & Acquisitions Due Diligence• Financial Data Consulting and Auditing
How do you know if you’re charging enoughfor workers’ compensation?
Carrier Rate Adequacy• Understanding the true performance of an exposure• Pricing according to your profitability goals
Growing Your Business• Assessing projected performance in a state or occupation• Unbiased justification for pricing changes
BUSINESS CASE:
65%Loss Payout
30%Fixed Costs
5%Combined Ratio
Workers’ Compensation Data Life Cycle
Bureau Unit Stat Data i3 Analytics
NCCIIndependent
State Bureaus
WC Claim
WC Claim
WC Claim
i3 Aggregate Industry
Database
Carrier Claim Data
Do you realize you could be losing money by paying your clients to be on your workers’ compensation program?
Optimized Pricing
Our predictive analytics, now built-in to your ClientSpace system, allows you to quickly and easily calculate the optimal billing rate for your clients.
Industry Data
ClientSpace now accesses i3 insurance bureau and predictive data, the most credible data available consisting of over $51 Trillion of payroll and over $200 Billion of premium.
Red Flag Alerts
Would you like to know that a particular work comp code or a job in a state historically averaged a 150% loss ratio or had an average claim cost of $50,000?
Easy-to-Use
No spreadsheets, no long reports. Your optimized billing rate along with industry analytics and potential red flags are built right into ClientSpace!
Current i3 Integration• Retrieve Real-time
Analysis Data• Data Stamped on Pricing
Comp Code record and available for Reports.
Future Enhancements• Analytical Popups right from the Pricing
Console. This means that you won’t need to have reports to review the data in aggregate.
• Claim Management Data – Pulling data for each comp claim that will help you determine the projected claim amount and close date.