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Claim and Safety Services
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Benefits of ISCC Membership
Important Features of the ISCC Program:
Dedicated services – ISCC is extremely serious about providing its members with the highest quality safety and claim management services. ISCC recognizes that helping members prevent claims from occurring is the single most valuable tool that they can provide. The Group invests a significant amount of resources each year to ensure that its members receive loss control services tailored to their specific needs. In addition to providing regular loss control visits to members and developing recommendations for areas of improvement, ISCC holds specialized safety training workshops throughout the year at various locations, and disseminates safety information to members monthly and quarterly in the form of safety newsletters and safety flashes. ISCC has a Claim and Loss Control Committee which meets quarterly and is responsible to review the group’s results and trends and to discuss and share ideas. Paying close attention to member exposures and claim trends allows us to better assist our members in controlling their losses. The Committee provides regular reports to the Board of Directors in order to ensure that the commitment to safety is maintained at all levels, from the service provider to the Board to the members.
ISCC members are involved in the management of their claims. When both the employer and the injured worker are actively involved in the claims management process, in a close collaboration with the claims service provider, the injured employee receives the best treatment, his or her recovery time is decreased, and he or she is able to return to the workplace much more quickly. ISCC’s claim adjusters maintain active caseloads well below the industry average, allowing for the superior service and attention to claims upon which ISCC has built its reputation.
Current rates and deviations - Policies are calculated using current MA rates along with a deviation approved for ISCC use by the Commonwealth of Massachusetts Division of Insurance, along with a stock premium discount and no terrorism charge. In addition, as the group has elected not to participate in the second injury fund in Massachusetts, the DIA assessment charged to members is lower than the assessment that institutions would pay in the traditional market.
Strong dividend history – In addition to the benefit of reduced rates over the years and up-front deviations, ISCC members have earned significant dividends on the premiums that they have paid in.
Membership stability, growth, and combined financial strength – Since program inception in 1992, ISCC has never lost a member to competition. This record is a testament to the high degree of member satisfaction with the program. In addition to outstanding member retention, ISCC has experienced steady growth, increasing Group membership by more than 50% since 2000. Such growth serves to increase the Group’s premium base, increase the overall stability of Group results, and provide further economies of scale to the membership.
ISCC’s members have a combined provable net worth (unrestricted net assets) of more than $6.7 billion.
Reinsurance coverage – ISCC purchases high quality excess insurance each year to cap its exposure on a single accident or event, as well as on an aggregate basis for the year.
ISCC purchases statutory limits on its specific coverage. This means that once an accident has occurred, no matter how serious the injury may be, ISCC’s financial responsibility is limited to a certain dollar amount. This coverage would obviously be of extreme importance to the group in the event of a catastrophe involving a single or multiple employees.
In addition to the specific or “per claim” coverage, ISCC purchases aggregate coverage, which limits ISCC’s financial responsibility for all claims in total for the year to a certain percentage of Group premium. Beyond that percentage of premium, the excess carrier pays all claim amounts up to the aggregate limit.
These coverages provide important protection to ISCC members by limiting the Group’s claim liabilities within certain defined parameters.
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