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| Thank you, everyone, for being with us this afternoon. My name is Sonia Arruda, I’m a manager, a Stakeholder Relations manager with the WSIB, and I will be facilitating the session this afternoon. And with me, I have Camal McDoom, who is a team lead in experience rating, and he will be providing a presentation to help employers have a better understanding of how claims impact your premiums. So, we will get started. Camal, if you're happy – what's your preference in terms of question and answer? Would you prefer to hold them till the end or take them as they come? | PowerPoint presentation appears on screen titled “How claims impact your premiums.” Sonia Arruda appears in the top right-hand corner of the screen and begins speaking. |
| I'm fine taking them as they come, that’s no problem. You could pop it into the chat, if you don't mind monitoring them as they come? | PowerPoint slide titled, “How claims impact your premiums,” is on screen. Camal McDoom appears in the top right-hand corner of the screen and begins speaking. |
| Yes. Of course. So that sounds like a great plan. Any questions you have, please go ahead, raise your hand and we can take them as they come. And if there's any questions that are in the chat, I will monitor that and, bring them to Camal’s attention when there's a break or at the end of the presentation. With that being said, I will pass it over to Camal to continue. | PowerPoint slide titled, “How claims impact your premiums,” is on screen. Sonia appears in the top right-hand corner of the screen and is speaking. |
| Good afternoon, everyone. Thank you, Sonia, for that introduction. My name is Camal McDoom, team lead for the experience rating and cost allocation area. So, I'm just going to have a quick presentation for you guys just to kind of go over how claims impact your premium rate, and a quick overview of what our rate setting model is. | PowerPoint slide titled, “How claims impact your premiums,” is on screen. Camal appears in the top right-hand corner of the screen and is speaking. |
| So, after today's session, you'll have a quick overview of what rate setting is, the relevant review windows. Better understanding what predictability means and what risk by movements is, and then just how cost and claims will impact your premium rate going forward and what you can do to try to help lower your cost or lower your premium rates. | Camal is in the top right-hand corner of the screen and is speaking. Slide titled “Objectives,” appears. Content on screen:
When you improve your health and safety performance, you can reduce claim costs and even lower your premium rates. Today, we’ll explain how your premiums are calculated, including: an overview of rate setting relevant periods predictability risk band movements |
| So, I'm just going to go over a quick overview of what rate setting is. | Slide titled “Rate setting overview,” appears. Camal is in the top right-hand corner of the screen speaking. |
| So, effective Jan. 1, 2020, we went into the new rate framework modernization, also known as rate setting. The purpose of this new plan was, it eliminated the historical experience rating programs near CAD seven and mapped. And we came up with a new plan to align your premium rates with your actual business experience. So, going forward, it's a prospective plan. So, we tried to use your history to better reflect a rate for you individually based on your own experience. It's a single prospect premium rates setting plan, and it apply to all businesses in Ontario. So, your historical ER, whether you're in that or not, that's not applicable anymore. This applies to every business in Ontario. We have some built-in dynamics which allow for a range of premium rates within a class or subclass. I forgot to mention earlier, sorry, that when we went introduced a new rate setting model, we also eliminated our old rate group and classification units, and we introduced the NAICS classification system to align with North American businesses. Within that, we have generated 35 classes – and within each of those classes or subclasses, there is a risk band table, which better aligns to give you a more customizable rate. Under this model, an individual business pays their fair share of the required premiums of its predominant industry based on the relative costs of the class to the business. | Camal is in the top right-hand corner of the screen speaking. Slide titled “How does our rate-setting model work?” appears. Content on screen:
our rate setting model is transparent and fair, and designed to align your premium rates with the actual costs of our insurance system our model: is a single prospective premium rate setting plan applied to all businesses includes built-in dynamic risk banding which allows: a range of business premium rates within a class/subclass for individual business premium rates to change year-over-year to better reflect changes in a business’s claims cost experience under this model, an individual business pays a share of the required premium of its predominant industry class/subclass based on their relative costliness to the class/subclass, but only to the extent the business is considered predictable or credible |
So, setting premium rates, it's a two-step approach. It's actually a three-step approach. But step one is more like a one and one eight type situation. So, step one is based on when you guys register with the WSIB and your past history, we determine what your business classification is. Under the new system, we no longer have multi-rated accounts, it’s all one rate per account. There are some exceptions, but that's, a little later. So, based on your predominance, we assign you a classification code under the North American Industrial Classification System or NAICs, and then base you in your predominant class based on your business activity.
Once we have that business class determined, we then determine the class rate itself. And then once the class rate is determined, we then go into step two, which is determining your individual rate based on your experience relative to those businesses in your particular class. The risk band rate includes any adjustments, and it's more reflective of your individual experience as opposed to what the entire class is doing. We use your insurable earnings, claims cost, and number of all allowed claims over a six-year period to set that rate. For any new business with less than 11 months of experience, they will be assigned the class rate. Because they have no experience, we just assign the class rate. | Camal is in the top right-hand corner of the screen speaking. Slide titled “Setting premium rates” appears. Content on screen:
Two-step approach to set and adjust premium rates for businesses:
Step 1: business classification
Your business is assigned one or more six-digit industry classification codes under the North American Industry Classifications System (NAICS) class/subclass based on your business activities.
Each class/subclass has a different premium rate or class rate, reflecting the average risk of the business activities of the industries insured in that group.
Step 2: determining your individual rate
Your business is assigned to a risk band that best represents your risk in relation to other businesses in your class. The risk band rate includes rate adjustments based on your individual experience.
We’ll use your insurable earnings, claims costs and the number of allowed claims, over a six-year period to set your premium rates. For new businesses with less than one year of experience, your premium rate will be the class rate. |
| So, some of the features within rate setting | Slide titled “Key rate setting features,” appears. Camal is in the top right-hand corner of the screen speaking. |
| is this concept of predictability. So, predictability: it's just another way to determine how credible your history is in determining your rate. So, how much can we rely on your experience to determine how much responsibility you are for that premium rate? Smaller businesses, they're not able to absorb as much claims as the bigger businesses. So, a smaller business – one claim would swing with wild fluctuating rates. So, the smaller you are, the smaller your predictability – you’re going to be tied closer to what the class is doing. So, you’d be close to the class rate. Whereas businesses with a higher predictability, they're better able to absorb all that claims experience and they'll have a little bit more control over the rate. So, they'll be further away from the class than closer to the class itself. | Camal is in the top right-hand corner of the screen speaking. Slide titled “Predictability” appears. Content on screen:
A business’s actuarial predictability (i.e., credibility) will determine the extent to which their premium rate should be affected by their own individual claims experience versus the collective experience of their respective class/subclass.
Businesses with low predictability are less able to absorb their claims experience and require more protection from premium rate fluctuations. their premium rates would be more reflective of the collective experience, with smaller, more reasonable adjustments reflecting their own individual experience
Businesses with a high predictability may be better able to absorb their claims experience and require less protection from premium rate fluctuations. when businesses have high insurable earnings and total number of claims, more consideration can be placed on the business’s individual experience
There is an icon of a bar graph with an arrow pointing diagonally upwards below the first paragraph.
There is a pie graph beneath the second paragraph showing the predictability at 2.5 per cent. The individual rate is 2.5 per cent while the collective rate is 87.5 per cent. The collective rate is represented in blue, taking up most of the pie graph, while the individual rate is represented in green.
There is a pie graph beneath the third paragraph showing the predictability at 100 per cent. The individual rate is 100 per cent, represented in green – it fills the pie graph. The collective rate is zero per cent. |
| This is just the same slides. Sorry about that. | Camal is in the top right-hand corner of the screen speaking. Another slide titled “Predictability” appears. Content on screen:
The actuarial predictability does not directly impact employers’ actual rate. New employers would normally pay class rate but their projected rate. The actuarial predictability is determined based on the employer’s 6-year insurable earning and 6-year claim count. It is used as an indication as to how credible the employer’s experience could be relied on. The greater an employer’s predictability is, the more weight we assign to its own past experience. Please note that only employers eligible for risk adjusted premium rates (i.e., those not new by Policy definition) would have predictability reflected in their projected rate calculation.
There is a table at the bottom of the slide outlining the difference between low predictability and high predictability. |
So, I just want to go over what the review period is. So, in our new model, our review period reviews your insurable earnings, your claim count – which is all allowed claims, whether it's lost time or no lost time – and all claims cost over a six-year window. And these are the six years that precede the premium rate setting year.
So, for example, we're now in 2025. So, your 2025 premium rate, it was set in the premium rate setting year of 2024. So, the six years that we used to come up with that 2025 rate were 2023, 22, 21, 2020, 2019 and 2018. So, the most recent three years, we tend to put a little bit more weight on that experience. So, your insurable earnings and your claim costs for the most recent three years is weighted at 2/9. The latter three years we put less emphasis on those. So, they're weighted at 1/9 each year. So, in total any insurable earnings and costs would be weighted 2/9 for 23, 22 and 21. So 2/9, 2/9, 2/9. And then for 2020 it would be 1/9, 2019 1/9, 2018 1/9. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Review period” appears. Content on screen: Our premium rate calculation considers a business’s insurable earnings, claim count and claims costs over the six-year review period before the year the rates are set (premium rate setting year). For example: to determine the rate for 2025, the premium rate setting year is 2024 the review period for the insurable earnings and claims experience includes the following years: 2023, 2022, 2021, 2020, 2019, 2018 the most recent three years of a business’s experience are valued at 2/9 and the remaining three years at 1/9 |
Next, we introduce what's called risk bands and risk banding. So again, once we do that review of your six years’ worth of insurable earnings and claims costs and predictability, we go through the formulas. We come up with what your risk band is supposed to be. And as you can see, each risk band has different rates assigned to it. So, with class 60 being the class rate – in this case, it's $4.63 – if you're performing better than the class, you could see if you're at 59, 57, 58, your rate is going to be lower than that class rate. But if you're doing worse than the class – 61, 62 and so on – your rate is going to be higher than the class rate, which means relative to everyone else, you're not performing as well or you're performing better.
Each year, this table gets produced for each individual year and each individual class. This is just a sample, it's not specific of anyone class itself, but this is a sample of what it looks like. Businesses are placed in the risk band based on their risk profile and also their class. Now, that we are in the full rate setting window, a business can move up a maximum or move down a maximum of three risk bands relative to where they were in the prior year. Together, all of the tables and the associate rates form our risk band tables, and they are numbered consecutively, with risk band 60 being the class rate. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Risk banding” appears. Content on screen:
our rate-setting model uses risk bands to determine a business’s premium rate for the upcoming year based on its own recent individual experience in comparison to that of their class/subclass each new calendar year, a set of premium rates in approximately five per cent intervals is established for each class/subclass the class rate covers the average risk of all businesses in the class/subclass businesses are placed in a risk band based on their risk profile relative to the risk profile of their class and can move up or down three risk bands year-over-year in relation to the class rate together, all risk bands and their associated premium rates form a table of risk band rates the risk bands are numbered consecutively; risk band 60 is the class rate
There is a table on the right-hand side of the slide outlining the class risk bands and the corresponding risk band rate. |
| So, when we went into the extend – or, sorry, to the new rate setting model – we generated three new statements. You have your premium rate summary statements, which shows you what your rate that you're going to pay for the coming year is, as well as your projected rate. We have the premium rate extended statement. This shows a business how its premium rates are calculated. It has all of the calculations for your projected risk band, the risk band rate, the modifiers, background information such as the insurable earnings and claim costs use and the weighted cost. If a business is multi-rated, there will be a separate statement for that second rate. Each business, for multi-rating, they have to request a review from the WSIB, and there are certain thresholds that need to be met in order for you to have multiple rates. The third statement that was produced is just the claim cost extended statement, and that statement just shows which claims are used and how much costs were paid on those claims. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Premium rate extended statement” appears. Content on screen:
The premium rate extended statement details how a business’s premium rate(s) is calculated. The premium rate extended statement shows: the business’s projected risk band, projected rate, rate modifiers, actual risk band and actual rate background information used in the premium rate calculation such as predictability, weighted claims costs and weighted insurable earnings over the six-year review window If a business is multi-rated, they will receive a different premium rate extended statement for each premium rate they pay.
There is an icon of a computer screen with a dollar sign on it underneath the first paragraph. There is an icon of documents with a magnifying glass that has a dollar sign in it beneath the third paragraph. |
| So, some of the key components of the extended statement are these eight identifiers here. So, on that extended statement, you'll see how your actuarial predictability was calculated. You'll see how your risk profile was calculated. You'll see what the class or subclass risk profile is. It's the same calculation just done at the class level as opposed to the employer risk profile, which is done at the individual account level. You'll see your adjusted risk profile once we take into account your predictability; the index that we use to determine where you fall on the risk band table; what your projected premium rate is before the modifiers – we have modifiers for certain industries like for mine rescue, earlier we had transition funding, and then for federally regulated employers, there is a rate adjustment that modifies the rate. So, you'll see your actual rate before the modifiers and then the actual rate after the modifiers. Any questions? Okay. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Extended statement key components” appears. Content on screen:
Actuarial predictability Employer risk profile Class/subclass risk profile Business’s adjusted risk profile Business’s adjusted risk profile index Business’s projected premium rate before modifiers* Business’s actual premium rate before modifiers Business’s actual premium rate after modifiers *Rate modifiers refer to mine rescue, transition funding and Federally Regulated Employers (FRE) adjustment |
| Nothing in the chat. | PowerPoint slide titled, “Extended statement key components,” is on screen. Sonia appears in the top right-hand corner of the screen and is speaking. |
| All right. I must be doing really well then. | PowerPoint slide titled, “Extended statement key components,” is on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| Actually, sorry, before we go ahead, maybe I just want to make sure that everyone has access to the chat. I know in the last session I did, there were some limitations. If someone could just maybe say something in the chat just to make sure that. Okay, a hand is up for Candice, that's good. Maybe we'll take that and start there. Go ahead, Candice. | PowerPoint slide titled, “Claim cost impact on rates,” appears. Sonia appears back in the top right-hand corner of the screen and is speaking. |
| Hey, our chat is disabled on your end. | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Sonia disappears in the top right-hand corner while Candice speaks. There is no video of Candice. |
| Oh, it is, okay. | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Sonia appears back in the top right-hand corner of the screen and is speaking. |
| Yeah, that's why you're not getting anything. We can't. | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Sonia disappears in the top right-hand corner while Candice speaks. There is no video of Candice. |
| Can you put them in the question and answer box, then I think that should be, usable. If anyone has any questions. Yes, I see the tests by Gregory. Great. Perfect. So, you want to use the question and answer box for questions. Place them in there, and then we'll just use that instead of the chat today. Was there a question or comment. Candice, or were you just helping us out here? | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Sonia appears back in the top right-hand corner of the screen and is speaking. |
| Nope. Just thought I'd help you out. | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Sonia disappears in the top right-hand corner while Candice speaks. There is no video of Candice. |
| Perfect. Thank you so much. | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Sonia appears back in the top right-hand corner of the screen and is speaking. |
| Thanks, I appreciate that. | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Sonia is in the top right-hand corner of the screen but Camal is speaking. |
| Go ahead, Camal. | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Sonia is in the top right-hand corner of the screen and is speaking. |
Okay, so since we have no more questions in the first half, I'm now going to go into, some of the claim impacts and how cost impacts impact you for rate setting.
So, this is a very high-level example. Because of the nature of rate setting with the rolling six-year review window, things change. But this is just meant to give you an idea of how a claim can impact you and what it might look like. | PowerPoint slide titled, “Claim cost impact on rates,” is on screen. Camal appears in the top right-hand corner of the screen and is speaking. |
So, for this, we're going to be using the following assumptions. We're going to use that. This is a small business with a 2.5 per cent predictability. The class profile, the weighted insurable earnings, will remain the same over the six years. Again, these will change year over year just by nature of reviewing different years, but for this example, we're living on the same. We're only going to assume that this is the only claim this employer has. There are no transition rules being applied. So, earlier we had a transition window into the rate framework, but we're taking that window out. In 2021, there wasn't the rate hold that we did. There's no modifiers being applied to the account and there's no changes to the class rate. So, again, very high level, not the most accurate thing because we know that these numbers will change year over year, but this is trying to give you an idea.
| Camal is in the top right-hand corner of the screen speaking. A slide titled “Assumptions” appears. Content on screen:
We’ll use the following assumptions for this presentation: employer predictability will be 2.5 per cent over the six-year review class risk profile will be 0.15686 employer weighted insurable earnings will be $800,000 over the six-year review the business will only have one claim with costs paid transition rules aren’t applied 2021 rate hold isn’t applied no rate modifiers applied no changes to class rate
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| So, our first scenario we have a 2018 claim. The person with injuries suffered a head injury and the claim has ongoing benefits. In this scenario, there is no return to work. So, the person with injury is off for a significant period of time. Based on your predictability, we cap claims cost. So, in this particular example, the cap being applied is $22,575. And the six-year review for that 2018 claim, it's used to set the reads in 2020, 21, 22, 23, 24, and finally 2025. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Scenario 1 – no return to work” appears. Content on screen:
2018 claim employee suffered a head injury claim has ongoing benefits paid firm claim cost limit applied (2.5 per cent predictability): $22,575 using the year 2018 to set the rate for 2020, 2021, 2022, 2023, 2024 and 2025
There is an icon of a magnifying glass with a dollar sign in it in the top right-hand corner of the slide. |
| So, in the above box here, you see our claim number 1234. These are the actual costs that were paid out in each individual year. So, you can see the total claims cost for this claim is $140,000. However, because this employer is a 2.5 per cent predictability, for the purposes of rate setting, we will stop once the costs reach $22,575. So, you can see based on the above, we reached out at some point in 2022. So, all of this extra costs here – this $110,000, that was paid off from ‘23 to ‘25, that will not be used in the rate setting calculations, because we've capped at $22,575. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Claim cost for rate setting” appears. The slide has two tables showing the claim number, accident year, payment year for 2020 – 2025, and the total. Both tables have the same claim number and accident year – 1234 and 2018, respectively.
In the first table, the cost for each payment year is:
2020: $5,000 2021: $10,000 2022: $15,000 2023: $20,000 2024: $20,000 2025: $70,000
The total is $140,000.
In the second table, the cost for each payment year is:
2020: $5,000 2021: $10,000 2022: $7,575 2023: $0 2024: $0 2025: $0
The total is $22,575, noting the maximum claim cost limit is based on 2.5 per cent predictability. |
| So, here's our response table again. So, you can kind of see what's going on. We've got our class rates, where we started where, we're going and so on. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Risk bands” appears. The slide has a table showing the risk band in descending order from 70 to 58, the risk band change from class risk band, the “risk profile index from” and the “risk profile index to,” the risk based rate factor and the risk band rate. Risk band 60 is highlighted in light blow and in the “risk band change from class risk band” column it says “Class rate’s risk band.” |
| So, for our first review – again, this is all static. Our weighted claim cost based on the weighting is $1,100. Our adjusted risk profile once we go through the calculation is 0.1564. The index is 0.99. Our prior year risk band was risk band 58. | Camal is in the top right-hand corner of the screen speaking. A slide titled “First year review – 2020 premium rate” appears. Content on screen:
2018 claim will be used for the first time in 2020 premium rate (set in 2019) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $1,111.11 class/subclass risk profile = 0.15686 adjusted risk profile = 0.15641 adjusted risk profile index = 0.99714 prior year risk band was 58 projected risk band is 60 prior year rate = $1.51 projected rate = $1.67 actual rate = $1.67 |
| So, I'm just going to go back here. So, you can see there is risk band 58 at $1.51. | Camal is in the top right-hand corner of the screen speaking. The previous slide titled “Risk bands,” appears. |
| Right. Our adjusted risk profile index is 0.99714. | Camal is in the top right-hand corner of the screen speaking. The slide titled, “First year review – 2020 premium rate” comes back on screen. |
| So, going back to the table, you can see there's a column here that says, “Risk profile index from” and “Risk profile index to.” That is the range that we use to determine which risk band you fall into based on that index. Based on that 0.99, the projected rate is risk band 60. So, you can see that starts at 0.98 and it goes to 1.02. | Camal is in the top right-hand corner of the screen speaking. The previous slide titled “Risk bands,” appears. |
| So, our projected rate is risk band 60. | Camal is in the top right-hand corner of the screen speaking. The slide titled, “First year review – 2020 premium rate” comes back on screen. |
| The risk band 60 rate is $1.67. So, that is going to be the actual rate that the employer paid for having this cost for this claim. | Camal is in the top right-hand corner of the screen speaking. The previous slide titled “Risk bands,” appears. Camal hovers his mouse over “$1.67” in the table. |
| And our second year. Again, we now have extra cost because there's more cost being paid out. We do our index calculations. We see our prior year it was risk band 60. Based on the new index, we’re projected to go to risk band 61. The projected rate for risk band 61 is $1.75. That is our new actual rate. So, again, this claim is now cost us another $0.08 in premiums that we didn't necessarily have to pay if we brought the injured worker back. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Second year review – 2021 premium rate” appears. Content on screen:
2018 claim will be used for the second time in 2021 premium rate (set in 2020) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $3,333.33 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16336 adjusted risk profile index = 1.04141 prior year risk band was 60 projected risk band is 61 prior year rate = $1.67 projected rate = $1.75 actual rate = $1.75 |
| So, now we have our third year review. And this is with the claim limit. So, again, based on the new claim, based on the new cost paid out, the claim limit is – the weighted cost, sorry, is $5,000. We go through the calculation. Our projected risk band is risk band 62. We're now paying $1.84. So, we've gone up another risk band. Now, for bigger employers – employers that are like, you know, 10, 20, 30 per cent predictability, that claim cost limit cap that we used, that 22,000, that changes. So, if this was a bigger employer, with no claim cap limit, right, they would be projected to go to risk band 63 based on that same thing, you can see, because of that cap on out there, we're using more cost. So, a bigger employer would be going up two risk bands starting at, and then they'd be paying $1.93. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Third year review – 2022 premium rate with claim limit” appears. Content on screen:
2018 claim will be used for the third time in 2022 premium rate (set in 2021) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $5,016.67 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16851 adjusted risk profile index = 1.07428 prior year risk band was 61 projected risk band is 62 prior year rate = $1.75 projected rate = $1.84 actual rate = $1.84 |
| So, if this was a bigger employer, with no claim cap limit, right, they would be projected to go to risk band 63 based on that same thing, you can see, because of that cap on out there, we're using more cost. So, a bigger employer would be going up two risk bands starting at, and then they'd be paying $1.93. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Third year review – 2022 premium rate with no claim limit” appears. Content on screen:
2018 claim will be used for the third time in 2022 premium rate (set in 2021) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $6,666.63 class/subclass risk profile = 0.15686 adjusted risk profile = 0.17377 adjusted risk profile index = 1.10781 prior year risk band was 61 projected risk band is 63 prior year rate = $1.75 projected rate = $1.93 actual rate = $1.93 |
| Our fourth year review with the claim limit. Cost is kind of coming down as we go to that six years and now the costs weighted for the first year is a little bit lower than the previous year. They’re at risk band 62, they’re projected to stay at risk band 62, so they're still at $1.84. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Fourth year review – 2023 premium rate with claim limit” appears. Content on screen: 2018 claim will be used for the fourth time in 2023 premium rate (set in 2022) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $4,461.11 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16688 adjusted risk profile index = 1.06388 prior year risk band was 62 projected risk band is 62 prior year rate = $1.84 projected rate = $1.84 actual rate = $1.84 |
| Without the limit, a bigger employer with a higher predictability, we're going to use more claim costs. Their prior year risk band is supposed to say 62 – sorry, there is a typo. The projected is now 64. They've gone up an additional two risk bands. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Fourth year review – 2023 premium rate with no claim limit” appears. Content on screen: 2018 claim will be used for the fourth time in 2023 premium rate (set in 2022) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $10,555.52 class/subclass risk profile = 0.15686 adjusted risk profile = 0.18592 adjusted risk profile index = 1.18529 prior year risk band was 63 projected risk band is 64 prior year rate = $1.93 projected rate = $2.03 actual rate = $2.03 |
| Camal, we have a question before you go to the next slide from Gregory. It is, “Where does the risk band rate come from? Is that per hour?” | Slide titled, “Fifth year review – 2024 premium rate with claim limit,” appears on screen. Sonia appears in the top right-hand corner of the screen and is speaking. |
| So, the risk band rate is – we kind of go to that same calculation to determine the wristband rate. | The previous slide titled, “Fourth year review – 2023 premium rate with no claim,” appears back on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| We just go back to this risk band table. We kind of go through that same process to determine this rate here. | Camal is in the top right-hand corner of the screen speaking. The previous few slides appear on screen quickly, stopping on the slide titled “Risk bands,” which shows the table with all of the risk band information. Camal circles his mouse over the row for risk band 60. |
| And then any rate, after this, they kind of move it multiple go about five per cent. So, if you're going up here, you'll see 167 to 175, that's about a five per cent increase. 175 to 184 is about a five per cent increase. | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Camal hovers his mouse over each row above risk band 60. |
| 167 to 159 is about a five per cent decrease. So once this rate is established, that kind of determines what the other risk band rates are. Hopefully that answers the question. Each rate increases or decreases by approximately five per cent. Sometimes it's a little bit higher, like 5.28. Sometimes it's a little bit lower, like 4.97. So, it's on average about five per cent. | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Camal hovers his mouse over each row below risk band 60. |
| There is a follow up question from Gregory asking, “Where do these numbers come from?” | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Sonia appears in the top right-hand corner of the screen and is speaking. |
| So. which numbers specifically? | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| Do you want to come off mute, Gregory, if you prefer, to expand on your question? Or raise your hand and I can unmute you. It’s not letting me unmute you. Diana – there's another question, let's come back to that. How many risk bands can a company raise or lower at one time? | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Sonia appears back in the top right-hand corner of the screen and is speaking. |
A maximum of three risk bands. So, I have a slide that kind of gives that example. But essentially what happens is, if your prior your wristband is risk band 61 and let’s say your projected risk band goes to risk band 70, you can only move up a maximum of three risk bands year over year. So, you would only go to risk band 64 even though your projected risk band was 70. Or vice versa if you're going down. You can only move a maximum of three risk bands up or three risk bands down in any particular year. So, if your projected rate is higher than three risk bands over where you are now, you can only move up a maximum of three, and you'll continue moving towards the projected year over year.
I'm not sure, Gregory, in terms of determining these rates, that's an actuarial calculation. If you have questions, you can send them in and we can have one of our actuarials try to respond to them. But those are actuarial calculations. I'm not sure if you've ever attended one of our rate setting webinars when the rates are released, but they tend to answer those questions in that. So, I'm assuming the next one will be towards the end of the year when we do 2026, unfortunately. But we can try to answer that question the best you can if you want to send a follow-up email. | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| Maybe that's something you can just expand on. I know that some people might wonder how can they sign up or how are they notified of those sessions? | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Sonia appears back in the top right-hand corner of the screen and is speaking. |
| Yeah. So, every year WSIB offers what's called technical rate sessions. So generally, when the statements are produced and you get your upcoming year's rate, towards the end of the year – so, like, in mid to late December or early January/February, there's a sign up on our website when you go to the 20 – in this case would be 2025 premiums, next year would be 2026 premiums. There'd be a sign up link where you could sign up and attend one of the sessions, where our actuarials go through a breakdown of how they came up with the rates that apply to any particular class, the class rate, and then, any further questions they’d be able to answer you with respect to some of the more technical questions. | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| Great, thank you. | The slide titled “Risk bands,” which shows the table with all of the risk band information, is on screen. Sonia appears back in the top right-hand corner of the screen and is speaking. |
| So, year five, again, as we shift to that six-year window, our weighted claims cost is going down because it's being weighted less than 2/9 each year. So, now we're actually projected to go down a risk band. So, we'll be paying instead of paying $1.84, we’ll be paying $1.75. | Camal appears back in the top right-hand corner of the screen and is speaking. The slides move forward again, stopping on the slide titled, “Fifth year review – 2024 premium rate with claim limit.” Content on screen:
2018 claim will be used for the fifth time in 2024 premium rate (set in 2023) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $3,350 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16341 adjusted risk profile index = 1.04174 prior year risk band was 62 projected risk band is 61 prior year rate = $1.84 projected rate = $1.75 actual rate = $1.75 |
| For the employer with no limits – again my apologies. This is right based on the other calculation. Because costs are still being up, they're still facing risk band increases because they haven't brought the person with injury back to work, they're not really controlling their costs, so they're feeling it in their premium rate. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Fifth year review – 2024 premium rate with no claim limit” appears. Content on screen:
2018 claim will be used for the fifth time in 2024 premium rate (set in 2023) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $13,888.83 class/subclass risk profile = 0.15686 adjusted risk profile = 0.19634 adjusted risk profile index = 1.25170 prior year risk band was 64 projected risk band is 65 prior year rate = $2.03 projected rate = $2.13 actual rate = $2.13 |
| And then for our sixth and final year review, again the costs are weighted lower. The projected rate stays the same at $1.75. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Sixth year review – 2025 premium rate with claim limit” appears. Content on screen:
2018 claim will be used for the final time in 2025 premium rate (set in 2024) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $2,508.33 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16078 adjusted risk profile index = 1.02497 prior year risk band was 61 projected risk band is 61 prior year rate = $1.75 projected rate = $1.75 actual rate = $1.75
|
| For the employer who is facing no claim limit, again, the weighted costs are still happening, and they're still being increased. They're going from a prior year risk band of 65 going up to risk band 69. So that's four risk band movements. We cap them to risk band 68, which is the actual rates, because that is the cap of moving up or down through risk bands. So, you could see here they're projected to go up four; they didn't actually go up four because the projected, it was $2.59. The actual was $2.47 because we kept them at that three risk band limitation movement. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Sixth year review – 2025 premium rate with no claim limit” appears. Content on screen:
2018 claim will be used for the final time in 2025 premium rate (set in 2024) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $27,777.58 class/subclass risk profile = 0.15686 adjusted risk profile = 0.23974 adjusted risk profile index = 1.52839 prior year risk band was 65 projected risk band is 69 prior year rate = $2.13 projected rate = $2.59 actual rate = $2.47* *risk band movement is limited to three risk bands up or down
|
| There's another question. Yes, Candice. How does SOSE (S, O, S, E) work with these growth rates? | Sonia appears in the top right-hand corner of the screen and is speaking. Slide titled, “Scenario 2 – return to work,” appears on screen. Content on screen:
2018 claim employee suffered a head injury claim has no ongoing benefits paid using the year 2018 to set the rate for 2020, 2021, 2022, 2023, 2024 and 2025
There is an icon of a magnifying glass with a dollar sign in it in the top right-hand corner of the slide. |
| Sorry, SOSE? Is that an acronym? I'm not sure. | Slide titled, “Scenario 2 – return to work,” appears on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| Can you expand on that? | Slide titled, “Scenario 2 – return to work,” appears on screen. Sonia appears back in the top right-hand corner of the screen and is speaking. |
| So SOSE was something we applied for when we went ISO. So, that's – hold on – Supporting Ontario Safe Employers program, and they told us that we would be getting money back from WSIB, but I don't know if that affects the risk band, if it's one of those modifiers, if it's just a straight rebate. I'm just wondering how that works? | Slide titled, “Scenario 2 – return to work,” appears on screen. There is no one in the top-right hand corner of the screen. Candice is speaking. |
| That sounds like one of our health and safety programs, which doesn't actually impact the rate. So that would be like a straight rebate surcharge. | Slide titled, “Scenario 2 – return to work,” appears on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| Okay. Perfect. That's what I thought, but I just wanted to confirm. Thank you. | Slide titled, “Scenario 2 – return to work,” appears on screen. There is no one in the top-right hand corner of the screen. Candice is speaking. |
| You’re welcome. So, moving on to scenario two. This is the same thing – 2018 claim, same injury. But in this case, we had return to work. So, there is no ongoing benefits. We were able to kind of get the person with the injury back to work to minimize the cost that are being applied to the claim. | Slide titled, “Scenario 2 – return to work,” appears on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| So, in this particular case, we only paid out the $5,000 in 2018, but there was no other cost paid out in 2019, 2020, ’21, ’22, ’23. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Cost paid on the claim” appears. There is a table showing the cost paid on the claim from 2018 to 2023. The claim number and accident year are 1234 and 2018, respectively. The costs are as follows:
2018: $5,000 2019: $0 2020: $0 2021: $0 2022: $0 2023: $0
The total cost is $5,000.
There is an icon below the table of a laptop with a dollar sign on the screen. |
| Looking at the risk band table, because the claims were lowered at $5,000, the 2018 cap doesn't apply to $22,000. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Risk bands” appears. There is a table showing the risk band from 58 to 70 in descending order, like on the previous slide showing the risk band table. |
| So, here we have our first year review of the claim. Right. The weighted cost is $11,000. Their prior risk band was 58. They're going to risk band 60. They face a slight increase, but we expect that because we have a claim with cost. | Camal is in the top right-hand corner of the screen speaking. A slide titled “First year review – 2020 premium rate” appears. Content on screen:
2018 claim will be used for the first time in 2020 premium rate (set in 2019) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $1,111.11 class/subclass risk profile = 0.15686 adjusted risk profile = 0.15641 adjusted risk profile index = 0.99714 prior year risk band was 58 projected risk band is 60 prior year rate = $1.51 projected rate = $1.67 actual rate = $1.67
|
| In year two, you can see the weighted cost is still the same. Instead of going up to risk band 62, their projected risk band is 61. So, it's a slightly smaller increase. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Second year review – 2021 premium rate” appears. Content on screen:
2018 claim will be used for the second time in 2021 premium rate (set in 2020) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $1,111.11 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16336 adjusted risk profile index = 1.04141 prior year risk band was 60 projected risk band is 61 prior year rate = $1.67 projected rate = $1.75 actual rate = $1.75 |
| Year three, they remain at risk band 60. They don't actually go up anywhere. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Third year review – 2022 premium rate” appears. Content on screen:
2018 claim will be used for the third time in 2022 premium rate (set in 2021) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $1,111.11 class/subclass risk profile = 0.15686 adjusted risk profile = 0.15641 adjusted risk profile index = 0.99714 prior year risk band was 60 projected risk band is 60 prior year rate = $1.67 projected rate = $1.67 actual rate = $1.67 |
| Year four, they remain there. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Fourth year review – 2023 premium rate” appears. Content on screen:
2018 claim will be used for the fourth time in 2023 premium rate (set in 2022) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $555.55 class/subclass risk profile = 0.15686 adjusted risk profile = 0.18592 adjusted risk profile index = 0.98607 prior year risk band was 60 projected risk band is 60 prior year rate = $1.67 projected rate = $1.67 actual rate = $1.67 |
| Year five | Camal is in the top right-hand corner of the screen speaking. A slide titled “Fifth year review – 2024 premium rate” appears. Content on screen:
2018 claim will be used for the fifth time in 2024 premium rate (set in 2023) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $555.55 class/subclass risk profile = 0.15686 adjusted risk profile = 0.18592 adjusted risk profile index = 0.98607 prior year risk band was 60 projected risk band is 60 prior year rate = $1.67 projected rate = $1.67 actual rate = $1.67 |
| and year six they remain at risk band 60. So, by controlling the cost instead of facing six years of increases, their rate held steady for four years of that review for claim. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Sixth year review – 2025 premium rate” appears. Content on screen:
2018 claim will be used for the final time in 2025 premium rate (set in 2024) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $555.55 class/subclass risk profile = 0.15686 adjusted risk profile = 0.18592 adjusted risk profile index = 0.98607 prior year risk band was 60 projected risk band is 60 prior year rate = $1.67 projected rate = $1.67 actual rate = $1.67 |
Right. So, you can kind of see what's happening here. So, in our first box here we have the premium rate changes with the claim cost limit. So, you can see their rate went up continually and then it kind of came down in the last two years of review because of the claim cost limit. The employer with no claim limit, they continued to rate increases because of this one claim, with the extra cost being paid out. Whereas the employer with return to work, they had a standard rate pretty much all the way through.
| Camal is in the top right-hand corner of the screen speaking. A slide titled “Premium rate charges” appears.
There are three tables on the slide.
The first table shows the premium rate changes claim with claim cost limit from 2020 to 2025. The rate changes as follows: 2020: 1.67 2021: 1.75 2022: 1.84 2023: 1.84 2024: 1.75 2025: 1.75
The second table shows the premium rate changes claim with no claim cost limit from 2020 to 2025. The rate changes as follows: 2020: 1.67 2021: 1.75 2022: 1.93 2023: 2.03 2024: 2.13 2025: 2.47
The third table shows the premium rate changes claim with return to work from 2020 to 2025. The rate stays the same across each year at 1.67. |
| And in our final scenario, this claim ended up being a fatality, unfortunately. With our rate setting, we have what's called the fatality fixed average cost. So, each year that cost number changes. But once an employer has a fatality, that is the cost applied for rate setting purposes, regardless of the actual claim class that was paid out. With that being said, even though this number is astronomically high, depending on your claim limit, based on your predictability, we still cap it at whatever this number is going to be. So, in this case, again, with 2.5 per cent predictability, it's capped at $22,000. So, we would only use $22,000 of that $390,000. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Scenario 3 – fatality” appears. Content on screen:
2018 claim employee suffered a fatality fatality fixed average cost of $390,500 applied firm claim cost limit of $22,575 applied using the year 2018 to set the rate for 2020, 2021, 2022, 2023, 2024 and 2025
There is an icon of a magnifying glass with a dollar sign in it in the top right-hand corner of the slide. |
| So, the actual cost of this claim might have been $50,000. But because we have to apply that amount, we use $390,000. But the $390 is capped at $22,005 75. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Cost paid on the claim” appears. There are two tables showing the cost paid on the claim from 2018 to 2023. The claim number and accident year are the same for both tables, 1234 and 2018, respectively. The cost paid on the claim in the first table is as follows:
2020: $50,000 2021: $0 2022: $0 2023: $0 2024: $0 2025: $0
The total is $390,500, noting the maximum claim cost limit is based on 2.5 per cent predictability and this is a fixed amount that is applied regardless of the actual claim costs.
The cost paid on the claim in the second table is as follows:
2020: $390,500 2021: $0 2022: $0 2023: $0 2024: $0 2025: $0
The total per claim limit is $22,575, noting the maximum claim cost limit is based on 2.5 per cent predictability. |
| Same risk band table that we kind of just go through. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Risk bands” appears. There is a table showing the risk band from 58 to 70 in descending order, like on the previous slide showing the risk band table. |
| So, they're projected to go to risk band 62. Based on the Crown – sorry, based on the claim caps, we only put them to risk band 61. That's their actual rate. | Camal is in the top right-hand corner of the screen speaking. A slide titled “First year review – 2020 premium rate” appears. Content on screen:
2018 claim will be used for the first time in 2020 premium rate (set in 2019) predictability is 2.5 per cent weighted insurable earnings is $800,00 weighted claims cost is $5,016.62 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16862 adjusted risk profile index = 1.07494 prior year risk band was 58 projected risk band is 62 prior year rate = $1.51 projected rate = $1.84 actual rate = $1.75 *risk band movement is limited to three risk bands up or down
|
| Now they go up one risk band. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Second year review – 2021 premium rate” appears. Content on screen:
2018 claim will be used for the second time in 2021 premium rate (set in 2020) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $5,016.62 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16862 adjusted risk profile index = 1.07494 prior year risk band was 61 projected risk band is 62 prior year rate = $1.75 projected rate = $1.84 actual rate = $1.84
|
| Then they kind of cap out because at this point, that’s where it stays. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Third year review – 2022 premium rate” appears. Content on screen:
2018 claim will be used for the third time in 2022 premium rate (set in 2021) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $5,016.62 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16862 adjusted risk profile index = 1.07494 prior year risk band was 62 projected risk band is 62 prior year rate = $1.84 projected rate = $1.84 actual rate = $1.84 |
| And then as that cost decreases a little bit, their actual rate comes down. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Fourth year review – 2023 premium rate” appears. Content on screen:
2018 claim will be used for the fourth time in 2023 premium rate (set in 2022) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $2,508.31 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16078 adjusted risk profile index = 1.02497 prior year risk band was 62 projected risk band is 61 prior year rate = $1.84 projected rate = $1.75 actual rate = $1.75 |
| And then it stays that way | Camal is in the top right-hand corner of the screen speaking. A slide titled “Fifth year review – 2024 premium rate” appears. Content on screen:
2018 claim will be used for the fifth time in 2024 premium rate (set in 2023) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $2,508.31 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16078 adjusted risk profile index = 1.02497 prior year risk band was 61 projected risk band is 61 prior year rate = $1.75 projected rate = $1.75 actual rate = $1.75 |
| for the remaining three years of that claim under the review control. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Sixth year review – 2025 premium rate” appears. Content on screen:
2018 claim will be used for the final time in 2025 premium rate (set in 2024) predictability is 2.5 per cent weighted insurable earnings is $800,000 weighted claims cost is $2,508.31 class/subclass risk profile = 0.15686 adjusted risk profile = 0.16078 adjusted risk profile index = 1.02497 prior year risk band was 61 projected risk band is 61 prior year rate = $1.75 projected rate = $1.75 actual rate = $1.75 |
| So, I think, Sonia, this is where you take over. | Camal is in the top right-hand corner of the screen speaking. A slide titled “Wrap up” appears. Content on screen:
Thank-you for your participation. We’ll be sending you a survey about the resources we’ve provided over the past few months over email. Please take a minute to fill it out so we can learn how to continue improving our services and better support you.
|
| Yes. Thank you. | The slide titled “Wrap up” is on screen. Sonia appears in the top right-hand corner of the screen and is speaking. |
| Actually, before we go to the wrap up, are there any questions? | The slide titled “Wrap up” is on screen. Camal appears back in the top right-hand corner of the screen and is speaking. |
| No, there aren't. But we'll give maybe a minute if anyone wants to submit that? Otherwise, thank you for your participation and attending today's session. We will be sending you a survey with the resources that we provided, and we’re asking that you please take a few minutes to complete the survey so we can learn about how we can continue to improve this service for you and better support you in your work, in your business, to continue to reduce the impact of claims on your business. | The slide titled “Wrap up” is on screen. Sonia appears back in the top right-hand corner of the screen and is speaking. |
| If there aren’t any further questions. We went through that really quickly in terms of not accounting for having some time for question and answers. So, we're able to stick around for a minute or two unless there's nothing else. You can always feel free to reach out and connect if there are any further questions. | Slide showing the WSIB’s logo appears on the screen. Sonia is in the top right-hand corner of the screen and is speaking. |
I see somebody had their hand up.
| Slide showing the WSIB’s logo is on the screen. Camal is back in the top right-hand corner of the screen and is speaking. |
| Yeah, there is a question by Gregory. “I know this was a high level, but what courses do you guys offer to further explain this information?” So, in terms of like, rate setting and from the account perspective? | Slide showing the WSIB’s logo is on the screen. Sonia is back in the top right-hand corner of the screen and is speaking. |
| So, we don't offer a course per se. But if you'd like to go into more details on your specific account, you can send us an email and one of the experience rating advisors will reach out and they will go through your statements, answer any questions you have, and give you a little more of a breakdown in terms of how each of the eight things I identified earlier on the statement is calculated, and where we got those numbers from. | Slide showing the WSIB’s logo is on the screen. Camal is back in the top right-hand corner of the screen and is speaking. |
| Can you, maybe put the email address in the chat? | Slide showing the WSIB’s logo is on the screen. Sonia is back in the top right-hand corner of the screen and is speaking. |
| Sorry, let me just go back to this. So, we will break down what the formula is for this, the formula for this and all of these different things, where the numbers come from, how it all plays out, | The slides change rapidly going backwards to the slide titled, “Extended statement key components.” Camal is in the top right-hand corner of the screen speaking. He hovers his mouse over “Actuarial predictability,” “Business’s projected premium rate before modifiers.” |
| how to look at the risk band table to understand where we get numbers from and how your prior year risk band, all of that, is calculated. So, we can do those on a more individualized basis. You can either send an email to employer accounts or experience rating at wsib.on.ca. That's the better ones to send it to because it will come directly to the experience rating team. Just when you send your email, please include your account number and that you're looking for a detailed breakdown of how your whichever year you want to choose premium rate will set. The assigned experience rating advisor will reach out and set up a mutually convenient time, and then you guys will be able to go through your individual account, your statements, and any other questions you have specific to your account. | The slides move forward rapidly to the slide titled “Risk bands,” showing the risk band table with information for risk bands 58 to 70, in descending order. Camal is in the top right-hand corner of the screen speaking. |
I just put those email addresses in the chat. I believe you should be able to see them, even though you may not be able to comment in it. Cassandra has a question – if we are able to send a copy of the presentation. And so yes, I believe that that will be shared. And I will confirm that. Candice, “Are there any other question? Sorry. Any other courses that are offered for claim management?” So similar to Camal’s answer about experience rating, we don't offer specific courses, but if an employer has questions more around claim management and how we manage a claim from beginning to end and what you can expect in terms of working with a case manager when a claim is registered and allowed, you can connect with myself, or my partner, Jennifer Singleton. We are both stakeholder relations managers, and we can definitely have a discussion about what exactly you're looking for and provide maybe a presentation specifically to your group. I will also put my email address in the chat box below. and feel free to reach out and we can tailor something specific to what your business is looking for and help bring up that that knowledge and fill that gap for you. If that is everything… Thank you, everyone, for attending. If there are any further follow-up questions, like I mentioned, there's a survey coming out and you can provide some information and get in touch with us in the way that we provided to you today. | The slide titled, “Risk bands,” is on screen. Sonia appears back in the top right-hand corner of the screen speaking. |
| Thank you. And have a great afternoon. | The WSIB logo appears on screen. |