In the five years that Reliance Partners has been in business, they have made their mark on the large trucking and transportation risk market. Recently, Monte King, large fleet sales executive, was working with a potential client with eight locations in eight different states that was having trouble controlling their experience modification factor. “This client was all over the board – they had one good year, which was falling off and being replaced with one of their worst years, combined with two mediocre years to make up the three year trend that determines a company’s mod,” Monte said. “We needed to not only help them get their mod under control, but educate them on workers’ comp and risk management as a whole.”
Property and casualty division director Eric Campbell had recently started working at Reliance Partners and realized that ModMaster would be a valuable asset to the agency’s expertise. “Talking with Monte, I knew this was what we needed to not only capitalize on his one potential client, but to build our agency strategy around workers’ comp,” Eric says.
Reliance Partners purchased ModMaster in quarter four of 2013 – and saw nearly instant success. “My prospective client did not know anything about work comp,” says Monte. Using ModMaster, Monte and Eric were able to not only drill down and help the client understand what was driving their mod (they delved into information such as trends on specific body parts, locations and employees), but also helped the client predict what may happen to their mod in the future. “They were not preparing for an increase in mod, or even aware that
one was occurring. We were able to open their eyes and give them an indication of what was coming down the pipeline,” Monte says. Monte and Eric also helped the client understand the experience rating modification factor and its impact. “They didn’t understand that the mod is based holistically on three years,” Eric says. “Even if they would have zero losses this year, their mod would still increase the following year, because of what happened in the previous two years. We were able to help them understand that.”
Monte and Eric worked with the client and were able to put together a three-year program that is based on payroll and losses. Their initial premium was around $700K, but the company has the opportunity to pay less than half of that if they perform well in the coming year, but could also pay upwards of $1 million in workers’ comp premiums if they perform poorly. “We understood what they needed and built a program that will give them a safe harbor for the next three years while they have the opportunity to turn around the safety culture at the company,” Eric says. “We are providing the tools they need to be successful.”
Reliance Partners is working to develop the P&C side of the business and is using ModMaster to successfully prospect. “ModMaster gets people’s attention. The Quick Mod is accelerating opportunties for me to put together programs for prospects that I have been trying to get to for years. it has really opened their eyes to what we can do, and has been able to break down barriers and create new opportunities,” Monte concludes.