EXCITING NEWS COMING 4th QUARTER
To provide exclusive specialty workers’ compensation products via chosen distribution partners to employers that seek insurance and risk management solutions that will improve the workplace safety environment, enhance productivity, and ultimately reduce the total cost of risk for the insured.
Method Specialty Comp Program Details
Method desires to leverage its workers compensation expertise and extensive distribution platform to develop an exclusive, specialty workers compensation program. This new program will entertain business across a national footprint, while initially targeting distribution partners in West (AZ, CA, CO, NM, NV & UT) and Mid-west (AR, IA, IL, KS, LA, MN, MO, NE, OK, SD & WI) states via a phased marketing rollout.
Method’s overarching underwriting philosophy is to focus on under served segments of the workers compensation marketplace where there is less competition and greater rate/pricing adequacy. For this program the underwriting guidelines will focus on middle market accounts (manual premium between $10,000 - $250,000) and include a broad range of class codes, with emphasis on the industries of construction, transportation, agriculture, and healthcare.
Method expects this program to significantly outperform the overall work comp market by leveraging the following competitive advantages:
- Experienced Management Team – leaders at Method have worked together for over 15 years and have built numerous profitable MGA workers’ comp programs across all states
- Distribution – exclusive partnerships with agents that control books of business in Method’s target segments and who can articulate and sell the Method value proposition of reducing the total cost of risk for their insured
- Focus on Safety and Loss Prevention – private label with leading Safety and Loss Control Solutions for pre and post-issuance inspections of risks and delivery of Method customized risk management solutions to insureds - with the goal being to reduce both the frequency and severity of claims
- Underwriting Process - blending the science and art of underwriting by utilizing analytics company to use data-driven insights to make smarter decisions, thorough pre and post issuance loss control, actuarial pricing models and all other available risk information to enable the experienced underwriting team to select and price risks accordingly
- Life Cycle of an Application – superior process management from submission though final premium audit that delivers best-in-class service to agency partners and insureds
- Proactive Claims Management – coordination and communication between Method and TPA to manage the care of the injured worker, controls costs, work with medical providers and establish proactive return-to-work platform
- Efficient Operating Model – centralized location (Omaha, NE) in growing insurance center with access to affordable, experienced labor force