When one door closes for an employer, Synergy finds a new way to open a window. We have all seen it in the marketplace – appetite changes lead to non-renewals or poor loss experience leads to high premiums in the state assigned risk pool.
How is Synergy able to see windows of opportunity in difficult situations? Our Underwriting team looks beyond the surface to determine:
- How we can improve losses
- The silver lining for the class of business
- The employer’s willingness to share in the risk
- Potential long-term programs that have historically helped similar employers succeed
An Employer’s Success Story: From Assigned Risk to Model Employer
Five years ago, we took a chance on an account with a history of tough losses and no coverage options since the incumbent carrier stopped writing their class of business; the account was destined for the assigned risk program. Because the employer presented a renewed commitment to improving loss experience and Synergy was willing to fill a need in the market for this class of business, we decided to offer a solution which included a Dividend Program that would serve as an incentive to help the employer become more engaged in their safety goals.
Our Loss Prevention Consultant worked consistently with the employer to implement and improve necessary safety programs through education and training. The programs initially implemented were basic, but emphasis was placed on making sure that the programs were being used properly and effectively.
Due to the customized service provided and the dividend incentive program, the employer’s results improved and they gained a new perspective on safety. In fact, at our recommendation, they hired a Safety Director who is implementing Post-offer Medical Questionnaires and considering other Best Practices pertaining to Hiring. Through the employer’s renewed sense of confidence, they were able to advance to a Large Deductible program this July, benefiting from lower premiums while still experiencing a high level of service from Synergy Coverage Solutions.
As a workers’ compensation specialist, it is our goal to work with employers to improve their loss experience while giving them the tools and resources to be successful. This is just one example of how Synergy was able to develop innovative solutions for our employers. Our products—from small business, to dividend programs, to multiple deductible options—allow employers to have options as they continue to evolve. What challenge can our Underwriters help you overcome?