EIA Implementing Benchmarking System
The EIA, in conjunction with Bickmore Risk Services (BRS), is in the process of implementing a benchmarking system designed by BRS. Although there are other benchmarking systems in the industry, the EIA/BRS system has a few unique advantages:
- The information is based on actuarial information (accident year, including IBNR reserves, losses capped at a consistent SIR)
- The system is multi-line and includes workers' compensation, liability, and medical malpractice.
- Loss rate, frequency, and severity trends for your entity can be benchmarked against the participating EIA membership, similar size entities, or even a small subset of those entities that you would consider your "peer group".
- The system includes both historical statistics as well as projected statistics.
Below are answers to some common questions. If you have other questions, please contact Gina Dean at gdean@csac-eia.org or (916) 850-7300.
Frequently Asked Questions
How much will it cost? The annual cost will be $250. Since we expect to have the system up and running around January 1, 2010, the cost will be reduced to $125 for the remainder of the 2009/10 fiscal year.
Will my entity be identified in the data? Yes. In order for credible benchmarking, you need to know who your entity is being compared to. However, no claimant or specific claim information will be available through the benchmarking system.
How do I get started? A Benchmarking System Usage Agreement needs to be signed by an authorized representative from your entity and forwarded to the EIA. The document indicates your agreement to participate and pay the associated fees.
What information do I need to provide? If your entity utilizes BRS for actuarial services, you do not need to provide any additional data. If you utilize a different actuarial service provider, we may be able to incorporate your actuarial results. Please contact John Alltop at BRS at jalltop@brsrisk.com or (916-244-1160) to discuss options and possible additional costs.
When will the benchmarking system be available? We are hoping to have the system available in early January 2010.
How will I access the benchmarking system? We anticipate the application will be linked to the EIA website, enabling you to sign-in to your EIA member dashboard as usual, then click a link which passes you along to the BRS benchmarking application. Once there, you can view emerging risk management news, view benchmarking data as specified by the user, and even download the benchmarking results to an Adobe or Excel file. Other features are being considered for development, including benchmarking of losses by type and cause.
If I don't want to participate, can I still provide access to my entity's data for others to benchmark to? Yes. To provide authorization to utilize your entity's data, please complete a Benchmarking System Usage Agreement indicating such.
