I had read quite a few of the reports coming out of the NCCI Annual Symposium˳ NCCI stands for the National Council on Compensation Insurance˳ The company is based in Boca Raton, FL˳ It is not a governmental entity˳ I also watched the videos that NCCI posted from their annual symposium˳ The reports are not usually very exciting reading˳ The possible modification of the NCCI Classification Codes may surely send a shockwave through the Workers Compensation industry˳
Even though some states may have their own rating bureaus, the systems are all very similar to the Class Code based rating system from the NCCI˳
One of the reports indicated that the NCCI may use “type of injury” coding in their ratemaking formulas˳ I am not sure how this will change the Workers Compensation landscape˳ There is a already a code for type of claim that is a very benign variable as it changes nothing on the ratings˳
All insurers have a field or group of fields they input when setting up a Workers Comp claim˳ I am only surmising that the NCCI will pick up that data as part of their Workers Compensation Experience Rating˳
I am not 100% sure on how this will affect the E-Mods produced by the NCCI˳ I am also not sure if the type of injury will feed directly into the formulas or will just be a tracking field to get an overall “outside the numbers” sense of how an employer is doing with their safety and claims program˳
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