It seems that 2012 is starting out as a year filled with opportunity for agents in the workers' compensation world. With the two largest rating bureaus making big changes, agents' chances to outsmart, rather than outprice the competition have never been better.
In November 2011, the Workers' Compensation Rating Bureau of California (WCIRB) announced a major revision to the California experience rating form. Gone are the “B” and “W” values that have been part of the calculation. Primary and excess credibility factors replaced them.
The rating bureau indicates that there have been very few mods affected by this change, but possibilities exist in the new format. The WCIRB has done a nice job making the form much easier to read than in the past, but that doesn't mean it is easier to understand for a non-insurance professional.
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