Deciphering the designation: The WCP
The WCP course covers topics ranging from the history of workers’ comp and claims administration to cost containment strategies.
Editor’s note: This column is part of PropertyCasualty360’s Foundations of P&C Insurance series, which aims to bring new insurance professionals up to speed, while keeping industry veterans sharp. On Fridays, PropertyCasualty360.com will offer up fresh content covering the nitty-gritty details of P&C insurance, tips for professional development, articles looking at the industry’s more niche concepts, and the history of certain lines and programs.
In the first half of 2023, private carrier direct workers’ compensation premiums increased 5%, according to early data from the National Council on Compensation Insurance, which also reported private carrier’s direct loss ratio during the period stood at 47%.
For those looking to gain a better understanding of the workers’ compensation industry, the American Society of Workers’ Compensation Professionals (AMCOMP) offers the workers’ compensation professional (WCP) designation.
According to AMCOMP, the designation is designed for professionals working in any area of the workers’ comp industry, including claims examiners, health care providers, attorneys, rehabilitation counselors, and auditors.
The WCP course covers topics ranging from the history of workers’ comp and claims administration to cost containment strategies and exclusive remedy challenges. AMCOMP noted those who complete the program will have a better understanding of how all the various pieces of the workers’ comp system function together.
Insurance professionals can obtain the designation by taking the course, which is available through self-study, virtual or in-person enrollment tracks, AMCOMP reported. All enrollment options include a textbook, course guide, exam fees and any related shipping costs.
In addition to the workers’ comp course, students are also required to learn the AMCOMP Code of Ethics.
To complete the course, students must pass a final exam covering all 11 chapters of the program with a score of 70% or higher. Students who fail the final will be given one opportunity to retake the test. Those who fail the final exam a second time are required to retake the course, according to AMCOMP.
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