Meaty, Juicy, Succulent - Work Compensation 101

In this episode of Agents Influence podcast, host Jason Cass chats with Kevin Ring, Lead Workers' Compensation Analyst at Institute of WorkComp Professionals. Kevin in a wealth of knowledge on all things Workers’ Comp.  Episode Highlights: Jason shares that Workers' Compensation is a very interesting line of business. (0:27) Kevin explains that there is no line of insurance where the insured has more control over what they pay without changing the check the insurance company is going to write when you suffer a disaster than Workers’ Compensation. (4:42) Kevin discusses that the fundamental concept of Workers’ Compensation was already passed in Wisconsin in 1911. (7:42) Kevin explains that the number one reason why audits wind up incorrect is that employers don't know how to keep the records the auditor needs. (13:59) Kevin shares that most of the time when clients get a return premium, agents don't see it as an opportunity. (17:05) Kevin explains what medical indemnities are, medical claims only, and the states where these are applied. (19:07) Kevin shares why Mod Advisor is a great tool to analyze the mods and cautions people about the most common problems other tools suffer from. (24:54) Kevin explains that businesses run on processes, and Workers’ Compensation is a process, so it is important to analyze and give attention to it. (28:52) Kevin shares that there is a certified Workers’ Compensation advisor available both live in person and via Zoom. (33:48) Key Quotes: "The number one reason that audits wind up incorrect is that employers don't know how to keep the records the auditor needs." - Kevin Ring "You really want to avoid having to argue that something's unfair, it's much more powerful to be able to argue that something is against the rules, but you have to know what the rules are first." - Kevin Ring "Most businesses, most good businesses work on some sort of process, you know, especially when you start talking about manufacturing construction. You know, if you try putting the roof on before you have the rafters up, it's not going to work especially well" - Kevin Ring Resources Mentioned: Kevin Ring LinkedIn Institute of WorkComp Professionals Reach out to Jason Cass   Agency Intelligence