Agent News
Third Quarter 2015
Since our inception we have been focused on delivering successful outcomes to our customers. We are excited to announce that we can now deliver on this commitment to agents and customers in Oklahoma, South Carolina and Virginia.
As we grow and expand we look forward to diversifying our business and bringing our expertise in hard to place and severity driven markets such asconstruction, emerging markets, energy (gas & oil), longshore, mergers and acquisitions, and specialty transportation to new states.
3CU began meeting with agents in these states earlier this month, and we look forward to continuing to develop relationships in these regions in the months to come. We have dedicated resources throughout these regions and we look forward to bringing our superior claims handling and loss control expertise through increased on-the ground presence. If you have clients or accounts that operate in these locations that might be a good fit for our coverage, please reach out to Mike Valianteor one of our Segment Leaders to discuss.
In April we reached out to you to solicit feedback on our services. Thank you to those who participated and provided us with great input.
Here’s what you had to say:
- 89% of responses indicated that 3CU delivers on its promise to be an effective risk management partner
- 90% are either “Satisfied” or “Very Satisfied” with our service
- 85% of agents surveyed are “Likely” or “Very Likely” to recommend 3CU to others
- 85% agree that our claims staff effectively delivers high quality outcomes for your customers injured workers and for your agency
We greatly appreciate your comments, constructive criticism and honest feedback, which we review and implement annually to ensure we are working to continually meet the needs of your agency!
If you have customers seeking a workers’ compensation carrier that delivers on promises and provides high quality outcomes for their injured workers, look no further than 3CU. We meet with our customers within the first 30 days to review our claims, loss control and underwriting operations so that we can establish our ultimate goal of meeting and exceeding their expectations over the course of their policy year.
Third Coast Underwriters (3CU) has been growing in 2015 — physically, financially and regionally. One particular focus for us has been a geographic expansion into the Southeast. On a recent account, the head of marketing at an agency in the Southeast approached us because their client was looking for a new carrier. With large operations located within a few minutes of our Chicago office, we took on the challenge of showcasing our service and expertise to this large beverage distributor and potential client.
We applied our customer-first approach by spending time with the client and developing a relationship, learning their business, their needs and their key pain points before issuing a quote. Relationships and trust were important to the client as well, and they appreciated the time that was spent with them before quoting, including personal time spent with our President Marguerite Dixen. Agency producers were instrumental in explaining our claim management strengths over the competitors. In the end, we were not the lowest price, but the superior claims management reputation, loss control services, high-touch service and location of adjustors in proximity to the clients Chicago operation was critical in closing the deal.
This success story is just one outcome of a larger regional growth strategy for us. It also includes three new hires located in the Southeast — Torin Durham, senior business development specialist based in Georgia; Greg Hurd, senior claims consultant based in Tennessee; and Scott Oliver, senior loss control specialist based in North Carolina. These new hires and the success with this new client have already generated a number of other new business opportunities. We look forward to continuing to develop new agency partners and clients through increased on-the ground presence in this region.
The misclassification of employees as independent contractors presents one of the most serious problems facing workers, employers and the economy as a whole. Misclassified employees are often denied access to critical benefits and protections to which they are entitled, including workers’ compensation coverage.
The U.S. Department of Labor’s Wage and Hour Division is working with the IRS and many states to combat employee misclassification and to ensure that workers get the wages, benefits, and protections to which they are entitled. To this end, the U.S. Department of Labor recently issued a blog post (summarized in this Insurance Journal article) that explains new guidance on classifying workers as employees or independent contractors under the federal Fair Labor Standards Act (FSLA). The Department supports the use of legitimate independent contractors, who play an important role in our economy, but when employers deliberately misclassify employees in an attempt to cut costs, everyone loses.
In a memo issued last month, the Department of Labor outlined six factors to consider when determining whether a worker is an employee or independent contractor. While factors can vary, and while no one set is exclusive, the following can be used as a general guideline:
- The extent to which the work performed is an integral part of the employer’s business.
- Whether the worker’s managerial skills affect his or her opportunity for profit and loss.
- The relative investments in facilities and equipment by the worker and the employer.
- The worker’s skill and initiative.
- The permanency of the worker’s relationship with the employer.
- The nature and degree of control by the employer.
For detailed information about each of the factors listed above, click here.
As you may be aware, entities covered under the Health Insurance Portability and Accountability Act (HIPAA) will be required effective Oct. 1, 2015, to use to a new coding system called ICD-10 to report injuries and illnesses to the Centers for Medicare and Medicaid Services (CMS). To help you understand this change and communicate it easily with your customers, we’ve provided the answers to some frequently asked questions below.
What does ICD-10 stand for?
International Classification of Diseases. The 10 indicates this is the 10th revision of this system, which is utilized by the World Health Organization and had its origins in the 1700s.
What is the difference between ICD-10 and ICD-9?
ICD-10 is a more flexible, larger and detailed code set that allows for greater specificity and precision in describing a patient’s diagnosis and in classifying inpatient procedures. ICD-10 uses five to seven characters and offers about 68,000 coding options whereas ICD-9 uses three to five characters and only offers about 14,000 coding combinations. The most notable change is the ability to specify what part of the patient is injured, such as right arm or left leg.
What motivated the change?
As part of HIPAA’s passage in 1996, a new universal standard for diagnosis coding was mandated. Physicians, clinics and hospitals are all required to move to this system for all services provided on Oct. 1, 2015, and after. The deadline for implementation of ICD-10 was delayed twice, but no further delays are anticipated.
What are the benefits of moving to ICD-10?
From a workers’ compensation perspective, ICD-10 will improve the ability to analyze health care utilization, cost, outcomes, and resource use and allocation. It also offers the potential for developing enhanced analytics that could prevent and detect health care fraud and abuse. For our customers and their claims handlers and nurse case managers, ICD-10 should result in better reporting and injury tracking capabilities as well as greater accuracy for reimbursement.
How has Third Coast Underwriters prepared for ICD-10 implementation?
Third Coast Underwriters and Accident Fund Holdings have been anticipating this transition for the last few years and have updated our systems to ensure that the move to ICD-10 will be seamless to our agents and policyholders. Our claims handling experts have been thoroughly trained on this new coding system and will be able to respond effectively to any questions our customers may have.
Why is ICD-10 and our preparations for this transition important for you and your customers?
When your customers’ employees experience injuries, they expect claims to be handled effectively and efficiently. By providing a seamless transition to the ICD-10 system, Third Coast Underwriters and Accident Fund Holdings illustrate our commitment to deliver the superior workers’ compensation product your customers have come to expect. Additionally, ICD-10 will give us the capability to better manage and track claims and ensure continued positive outcomes for injured claimants.
For more details about ICD-10 compliance, visit the Centers for Medicare & Medicaid Services’ page here.
