Risk Insight: M3’s Mod Verification Saves Clients Millions
M3’s attention to detail in the mod verification process, including performing regular benchmarking comparisons, results in significant savings for our clients. We take the extra step with workers’ compensation data.
Experience Modification Factor
An experience modification factor adjusts an employer’s premium to reflect the difference between the employer’s workers’ compensation loss experience and the average experience that is expected for its classification(s) and size.
From 2018-2023, M3 helped their clients save an average of 4 points on their experience modification factor, with an aggregate savings of about $4 million! In one year alone (2023), M3 helped save clients nearly $1 million.
The mod verification process confirms the accuracy of the reported data and identifies any applicable rules for re-filing claims. This process ensures experience mod points and premium credit due are validated on your behalf.
Every dollar is valuable, so M3 performs regular comparisons and benchmarks your plan data to ensure you are receiving the most competitive pricing in the market.
Contact your M3 Client Executive to learn more about M3’s approach to risk management, including the mod verification process and additional strategies we leverage to help clients manage their overall cost.
