Your partner for Workers’ Compensation needs.
Self Funding, Inc. (SFI) is the branch of CIC group that helps you manage claims, control costs and stay ahead of industry and legislative changes.
Workers’ Compensation Program Evaluation
Our thorough discovery process includes accident reporting, safety programs, and recommendations for enhancements.
Self Insured Feasibility Analysis
Self insurance is an option most businesses should explore. We conduct an analysis comparing self insurance to traditional insured programs over a five to ten year period. If self insurance is feasible, applications are submitted on your behalf and we serve as the liaison with the Workers’ Compensation Board throughout the approval process.
Claim Support and Audit
SFI analyzes claims to assure adequacies from all parties, as well as fiscal appropriateness of claims handling. We facilitate effective resolution of outstanding claims and provide counsel to reduce frequency and/or severity of future losses.
Self Insured Renewal Support
We review and examine experience rating, forecasting of potential changes, classifications, collateral requirements, retro-rating adjustments, dividend and/or assessment calculations.
Self Insured Excess Carrier and TPA Selection
To secure quality partners, a request for proposal from excess carriers and Third Party Administrators (TPA) is conducted.
Self Insured Program Management
Quarterly, performance, and benchmarking reports are provided, highlighting actual results compared to budget, outlining losses in detail, reporting on safety program progress, and identifying other important issues.
Case Study
Municipality seeks to control – even reduce – skyrocketing Workers’ Compensation costs.
Challenge
Despite significant efforts to reduce injuries and claims, a municipality struggled with increasing Workers’ Compensation expenses. Due to a lack of internal resources and expertise their trust defaulted to the TPA provider.
Solution
Collaborative efforts among SFI, the municipality and the TPA, resulted in significant changes. A revised contract with the TPA increased quality expectations, and a new incident reporting protocol within the municipality enhanced safety awareness.
Outcome
The Town’s budget was reduced by $170,000. The municipality continues to experience reductions in costs and incidences. The Town’s outstanding liability slowly decreased, and claim outcomes have improved.
