About ICRB

The Indiana Compensation Rating Bureau (ICRB) is a private non-profit, unincorporated association of all insurance companies licensed to write workers compensation insurance in Indiana. The ICRB is a statutory rating organization as set forth in Chapter 27-7-2 of the Indiana Insurance Laws.

The law empowers the ICRB to gather information from its member companies that may be necessary to establish fair and adequate advisory rates. This information is submitted to the Indiana Department of Insurance for review and then distributed to all member companies who use the rates or file their own rates.

In addition to the data collection and ratemaking functions, the ICRB is responsible for various workers compensation programs: rules promulgation, experience rating, inspection and classification, assigned risk administration, industry education, and dispute resolution.

ICRB – the best deal for employers and insurance carriers

Indiana Workers Compensation Advantages

• Low cost for employers - From highest to lowest, Indiana ranked 50 out of 51 jurisdictions with a rate of $1.24.
  
  Source: State of Oregon report 2006 Oregon Workers' Compensation Premium Ranking. Rate indices range from from a low of $1.10 in North Dakota to a high of $5.00 in Alaska, with a median value of $2.48.



• Healthy market attracts competition – Of 51 jurisdictions, Indiana ranks third in number of insurance companies writing workers compensation in the state at 388. The largest state is Illinois with 396 companies.
  
  Source: AM Best Database Services, Custom Report Project PB42-17724; 2006 data year; produced 6/26/07

ICRB Background

• Created by statute in 1935
• Private non-profit association of insurance companies
• Funded by insurance companies, not by tax dollars
• Regulated by Indiana Department of Insurance

Accomplishments

• Best Deal – most efficient, least expensive state rating bureau in country
  • ICRB staff = 11; other 10 state bureaus = 40 to 150; NCCI national bureau = over 1,000
• Excellent Service – numerous thank you letters from customers (as an example, please see attached letter)
• Experience rating worksheets – 100% mailed 90 days prior to effective date – best in country
• Assigned risk applications – processed within 5 work day average – best in country
• Website – unique reference library – numerous compliments (as an example, please see attached email); 1.8 million hits in 2004!

Annual Production

• 25,000 employer experience ratings
• 20,000 letters, emails, and faxes
• 15,000 customer calls
• 3,700 employer assigned risk applications generating $20 million in premium
• 2,000 assigned risk policy cancellation approvals
• 900 employer ownership rulings
• 125 employer onsite inspections
• Over 100 disputes between employers and carriers resolved by staff, eliminating costly lawsuits or formal complaints
• ICRB members (workers compensation carriers):
  • write about 100,000 Indiana policies annually
  • over $700 million in premium
• All this with just 11 staff members (down from 31 employees in 1982)

Support Fellow Hoosiers

• When service levels are similar, we prefer doing business with other Indiana businesses – examples:
  • HR Dimensions, Katz Sapper & Miller, Tabbert Hahn Earnest & Weddle, IQuest Internet LLC, Indiana Insurance Company, Integrated Business Communications, CT-Solutions, Quantum Ideas Graphic Design & Communication Strategies, Marketing & Communications Support, Inc., Crossroads Business Solutions, CREW Technical Services, Engledow, Inc.
• Member of Indiana Chamber of Commerce, Indianapolis Chamber of Commerce, Central Indiana Chapter of CPCU, Insurance Auditors Association of Indiana
  
• Hoosier Homemade Management
  Three management team members with these credentials:
  • 86 years of combined insurance experience
  • 54 years of rating bureau experience
  • Insurance designations:
    • Charter Property & Casualty Underwriter (CPCU)
    • Certified Workers Compensation Professional (CWCP)
    • Associate in Management (AIM)
• 6th and 4th generation Hoosiers, and the other 43 years in Indiana
• Two are graduates of Ball State University

Values

• Uninterrupted, on-time delivery of services that encourage safety in the workplace and competition among insurance companies.
• Provides the bridge or balance between the insurance regulators and the private sector (carriers, employers and workers)Functions
• Data Collection - provides a one-stop source of information to be used for credible analysis of experience rating, ratemaking, and research for workplace safety
• Ratemaking – provides statewide benchmarks for pricing workers compensation policies
• Experience rating – creates an incentive for safe workplaces, tailors costs to individual employers, and provides a mechanism for carriers to be fairly compensated for assuming risk
• Insurance for the uninsurable – provides a safety net or last resort for employers and workers who otherwise would not have workers compensation insurance protection (assigned risk market)
• Rule interpretation and enforcement – provides consistency, clarity, and impartiality in the application of rules
• Inspection – assures proper classification of employers so that business competitors are treated the same
• Education – proactively transfer knowledge about workers compensation
• Delivery of timely and accurate information – forms the basis for decision making by carriers and employers for issues related to workers compensation insurance
• Dispute resolution – provides a first step, low-cost solution to resolving conflicts that arise between various parties

Our Customers

• Member insurance companies
• Agents
• Regulators
• Trade Associations
• Employers and workers

Thank You Letter Example
I have a comment about service at the ICRB. I am an agent in Indiana and call on many topics about classifications for my customers. I wanted to let you know that every time I speak with Brenda she is very helpful and the most knowledgeable person I speak with of any company. You are very lucky to have her and she should be told "great job". In today's world people only get complaints and I thought someone should be told when they do a great job.

Please let her know that she is a valuable resource to our agency and appreciate all of her help.

Sincerely,
Aaron
(insurance agent)

Website Compliment Example
From: Jack Hungelmann
Sent: Wednesday, February 25, 2004 5:42 PM
To: Ron Cooper
Subject: kudos on your web site

Hi, my name is Jack Hungelmann and the author of Insurance for Dummies. Congratulations on developing a great web site is both user-friendly and fun to use! In fact, it's probably the best user-friendly government related web site I have ever seen. Congratulations to all who worked on it!

Jack Hungelmann
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Corporate 4 Insurance Agency, Inc.
Jack Hungelmann

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