Question: Has your broker called you up over the past year and said, “I have reduced your 2011, 2012, 2013, and 2014 experience mods or any of your experience mods. I am going to make sure your insurance company sends you big refunds shortly”?
Answer: No, I cannot remember having such a conversation with my broker or my agent has not called me about this over the past year nor has anyone called me about this over the past year.
If this is your answer, then here is another reason why you need to call us to obtain refunds year after year: your current and future savings! An end result of our program is a better underwriting profile with which to enter the renewal market place with.
What employers do not realize is that if you do not reduce and re-reduce your mods year after year (on an ongoing basis) then you automatically also have an increase in current and future premiums!
Here’s an example: Say we lower your 2011, 2012, 2013 and 2014 policies and get you money back, the impact of our savings may very well carry over to your yet-unpublished 2015, 2016, 2017, and 2018 experience modification factors and related premiums, but these changes are yours to keep, because we only get paid for reducing published mods.
It seems reasonable to assume that your agents and brokers are looking out for your best interests. After all, if you are happy, you will continue to give them business. That’s why they work so hard to get you the best rate for the most coverage.
Nevertheless, once they get you your rates, most agents don’t have the time, the resources, or the training to periodically conduct an in-depth audit to make sure you are indeed getting the most for your money.
Even if you have the best broker, the best insurance plan out there, and risk management in place, the errors and overcharges will not be corrected unless we conduct our compliance audit.
The reason it will not happen without APEX
Your agent or broker may have undertaken the job of monitoring your claims before they go into your experience mod. However, we are minimizing the losses after they have gone into your experience mod and you have been already charged (or overcharged) for them.
We work with many of the best agents and brokers in the country. These agents realize that compliance audits are not their area of expertise, but they want their clients to benefit from APEX’s value-added audit. They want their clients to get refunds that they would never see otherwise. That is why they recommend their clients to APEX. And we work together with these agents and brokers to make these results happen for you.
There are a few agents out there who say that compliance audits are unnecessary, and that they themselves already do what we do. But that means that they either do not fully understand our process, or they do not want someone else involved with their client.
A broker is not an accountant, doctor or lawyer. A broker has his own specialty: He is an insurance coverage expert whose job it is to provide the best coverage available for his clients.
Our specialty is Workers’ Comp compliance audits. THAT IS ALL WE DO, AND ALL WE HAVE BEEN DOING FOR OVER 20 YEARS!
We do not sell insurance. We are an unbiased, independent auditing firm who does nothing but conduct compliance audits for Workers’ Comp. Our only interest is to find and correct errors in your premiums and mods and make sure you’re not being overcharged. We have nothing at all to gain by having you pay higher premiums, and, as we operate on a contingency basis for businesses paying around $100,000 or more in premiums for guaranteed cost plans and loss sensitive plans, we get paid only if we save you more money than your broker is already saving you.
Even if your Agent or Broker says he is already doing this for you or that you are perfect the way you are, you should still hire APEX because you have nothing to lose. “NO RECOVERY, NO FEE.”
The Upside: You could be like the healthcare company in Tennessee that told us they had a consultant and that he found nothing. APEX said we would love to review the account, as “all recovery firms are not equal”. And within a year, APEX delivered with a $500,000 recovery. (We will be happy to show you their reference letter.)
The Downside: Our audit will require 10-20 minutes of your time. But in the end, it will ensure that you have collected every dollar owed to you.