Recently in Workers Comp Category

Program will link multiple insurers and be payroll vendor neutral for maximum choice

Bruce Cochrane President and CEO of Renaissance Alliance Renaissance Alliance, New England's premier network of independent agents, has announced a partnership with InsureLinx of Sarasota, FL, the nation's leading workers' compensation pay-as-you-go (PAYGO) technology vendor, to launch EZPayIns™, the first agent centric workers' compensation PAYGO product serving independent agents, insurers, and the commercial business community.. The program is currently in beta testing and will be launched in January 2012.

EZPayIns™ will be fundamentally different from any existing workers' compensation PAYGO program in that it will provide independent agents and their commercial customers access to multiple insurer PAYGO options combined with freedom to continue processing their payrolls as normal without requiring any change in their current agent or payroll service provider relationships. Cochrane says, "Our member agents are at the core of the EZPayIns™ platform in providing their clients trusted localized service and business solutions choices. Alternative PAYGO products offer one or limited market options from individual insurers and/or payroll service providers. This old paradigm significantly limits the customers' ability to obtain the best possible solution for their workers compensation needs."

Jeff Harris, President and founder of InsureLinx, says: "I am an independent agent myself. I strongly believe in the risk management expertise and value the independent agency system delivers to employers when it comes to workers' compensation. We are very enthusiastic about our Renaissance Alliance partnership to deploy our combined technologies in providing EZPayIns™ to the Alliance network of 95 independent insurance agencies."

For agents, just a few of the many advantages of EZPayIns™ include ease of administration through integrated automation, a value-added service that bolsters client retention, and the elimination of agent/client friction often arising from surprise year-end audits resulting in large additional lump sum premiums. For employers, EZPayIns™ matches cash flow with revenue, eliminates or significantly minimizes workers' compensation down payments and large audit premiums, and affords administrative efficiencies with continued service from an existing trusted agent and payroll service provider.

EZPayIns™ is an exclusive offering only to Renaissance Alliance members and partners.

The Renaissance Plan is pleased to announce that our primary issuing carriers - Star Insurance Company and Savers Property & Casualty Insurance Company - have been awarded an A.M. Best rating of A-. We are proud to be affiliated with their parent organization, Meadowbrook Insurance Group, which has proven itself and its financial stability over time as evidenced by this rating award.

The Renaissance Plan
The Renaissance Plan is more than just an insurance policy, it is a total program to manage workers' compensation risk. The Plan combines traditional workers' compensation coverage with a proven strategy to minimize occupational injuries, manage medical care, and return injured workers promptly to the workplace. The Plan includes:

A- Rated Guaranteed Cost insurance programs available throughout New England

• Dedicated local claims management
• Local responsive loss control services and inspections
• Lynch Ryan injury management and return to work programs
• The Workers' Compensation solution designed by agents for agents

For more information, drop an email or call us at 1-800-514-2667 today.

For Best Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center

The Renaissance Insurance Plan is pleased to announce that, effective immediately, a special policy underwriting minimum premium of $2500 applies to Massachusetts workers’ compensation policies. The new minimum premium has been instituted to respond to our broker requests.

Underwriting Notes:

• The special minimum does not apply to multi-state policies.
  
• The special minimum does not apply to contractor and transportation type accounts. (See our underwriting manual for eligibility and minimum premium for these types of accounts.)
  
• Our 30% quarterly payment plan is available to accounts written under the special premium.

For quotes, contact Sue Reilly at 413-687-2792.

300 Attendees Focus on Solutions to Challenges Facing Independent Agencies

Wellesley, MA, October 28, 2005 -- Renaissance Alliance hosted its second annual meeting yesterday at Gillette Stadium in Foxborough, MA. More than 300 representatives from New England agencies, insurers, and vendors attended the event.

The purpose of the event was celebrate the phenomenal success to date of Renaissance Alliance and to provide a team environment for agencies, partner insurers, Renaissance staff, service providers, and guests to discuss challenges and opportunities facing independent agents. The day’s events included presentations, seminars, panel discussions, awards, tours of the Stadium, lunch, and a cocktail reception. Topics under discussion ranged from threats to agent profitability in a changing environment and the impact of natural catastrophes on insurance to the essentials of certificate issuance and the role of emerging technologies.

Speakers and presenters included:

• J. Bruce Cochrane, CEO and founder, Renaissance Group;
  
• Ronald Mariano, State Representative and Chairman of the Joint Committee on Insurance Services;
  
• Steve Nelson, Athletic Director and Head Football Coach of Curry College and Former New England Patriot;
  
• Brian H. Burke, President of B.H. Burke & Co.;
  
• Craig F. Stanovich, Principal of Austin & Stanovich Risk Managers, LLC;
  
• Frances A. Mancini, Esq., President and CEO of Massachusetts Association of Insurance Agents;
  
• Paul Little, Managing Director at Guy Carpenter; and
  
• John J. DiMartini, Senior Vice President Principal and Catastrophe Risk Management and Practice Leader, Towers Perrin Reinsurance

"The meeting was a testimony to the power of teamwork," states CEO Bruce Cochrane. "The Alliance has grown from a single member to what it is today in 5 short years. Nothing demonstrates the success of our collaborative efforts more than the fact that the members' aggregate loss ratio for three years is 44.5%. This is good for our members and partner carriers and demonstrates our commitment to the clients we serve."

Renaissance Alliance is a coalition of independent agencies, insurers, and service providers who work together to deliver "Best in Business" insurance services and products to personal and commercial insureds throughout New England. The Alliance is currently comprised of 46 member agencies with 61 locations in Connecticut, Massachusetts, and New Hampshire, and 24 national and regional insurers. Aggregate premium under management is $235 million, representing more than 185,000 policies for 112,000 personal and commercial accounts. Member agencies insure 2.6 percent of the total vehicles registered in Massachusetts. Renaissance Alliance is one of a family of companies in the Renaissance Group, which also encompasses more than $25 million in premium under management in The Renaissance Plan for Workers Compensation.

Making Sense of Workers Compensation Market Swings
by J. Bruce Cochrane – President, Renaissance Group
Reprinted by permission from The Journal of Workers Compensation, Spring 2005

Practically every business has cycles, and the workers compensation market is no exception to this rule. Unfortunately, aside from those who make their livings in this market, very few “users” are in a position to identify the workers compensation cycles, to adjust to them, or, more importantly, to take advantage of the opportunities they afford.
Often, the changes in the cycle are so subtle that even the trained observer is unprepared. One thing is certain: The workers compensation market cycle does exist, and significant opportunities await those who can react to and take advantage of its changes. [ continue reading - PDF ]