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Affida achieves Premium savings for clients

Working with both the client & Insurer, Affida achieved premium savings in excess of $150,000  for 2 happy clients….see how the savings were achieved

Case Study 1

 A third party had been at fault in an accident that resulted in an injury to our client’s employee. The Agent agreed to apply a recovery percentage on the claim thus reducing the overall cost of the claim. This recovery was visible on a number of reports leading up to renewal.

 When the premium was eventually calculated Affida noticed that the figure was higher than expected .Upon further investigation it was noticed that the recovery on the claim was no longer applied .The Agent could not explain the why this had occurred . A number of reports were run and the recovery could not be amended. The cost of the claim was amended manually on Affida’s instruction and the premium recalculated.

 The result was a reduction in premium of close to $95,000. Agents do get the calculations wrong at times and checking the accuracy of premium calculations is vital.

Case Study 2

Affida reviewed a new client’s Workers Compensation policies including the industry classification that they were rated under. They had been under the Industry Classification of Furniture Manufacturing nec. At the time the classification rate was 4.515 % .Further to Affida’s investigation it was concluded that the client’s main activity was internal refurbishment of commercial buildings. Although the client had clearly stipulated their activities the Agent had deemed that this was the most appropriate classification.

 Affida concluded that a more appropriate classification would be Non- Residential Building Construction which had a specific cross reference in relation to refurbishment of commercial buildings. This classification at the time had a rate of 3.928%. Affida was successful in having the classification changed for both the current renewal and adjustment resulting in a combined premium savings of $55,768.

There are hundreds of classifications that an Agent can choose from. What an employer puts on a proposal form or declaration is vital in determining what industry rate will apply. Agents do not always ask for more information they sometimes make assumptions which are not always in an employer’s best interest.

To see the services offered by Affida and how they may be able to help you, please visit our Dedcate pageAffida – Workplace Insurance

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