Specialty Comp Insurance

Businesses' reliance on third-party hiring agencies has leaped in the past few years due to the growing trend of employee mobility. While these organizations are good at handling the back office, their competence may not extend to deciphering employment risks or candidate training. Inadequately trained employees can open the door to increased workplace injuries and subsequent costly claim scenarios. This is why many insurance carriers often perceive workers' comp insurance as a loss leader.

Specialty Comp Insurance, a specialist in global insurance underwriting and managing general agency (MGA), takes the lead in striking a balance between workplace safety and profitability. A team of seasoned underwriters with an average of 30 years of industry experience and a client-first service model fuels the Specialty Comp engine, helping businesses minimize exposures to risks and drive profit for carriers.

"Our team has the expertise to underwrite for all major industries, including healthcare, manufacturing, hospitality, and transportation. We look at staffing risks, which are traditionally one of the harder sectors to underwrite," says Kirt Thompson, VP and Director of Advisory services at Specialty Comp. "We take a craftsman's approach to each account we underwrite."

Specialty Comp dives deep into understanding the work environment, employee work experience, hiring processes, safety controls, and training programs in place. The firm also looks at the multi-state risks listed under different classifications, which often have legroom for exposures leading to large loss activities. This commitment to precision from the get-go and focus on customization allows Specialty Comp to develop a customized plan that best fit businesses' distinct risk management programs and operational models.

Specialty Comp also leverages those insights from loss analysis to piece together claims advisory services, case management, return-to-work programs, and online resource libraries to create guard rails that can limit exposures to costly claims. These real-time solutions ensure higher policyholder satisfaction.

In every engagement, the firm practices open communication and builds rapport with clients through dedicated claims-handling staff and loss control representatives. This service model has also earned it a reputation for generating consistent underwriting profits. In addition, Specialty Comp guarantees excellent renewal retention for carriers.

"As an actuary, I'm a numbers guy who prides on taking a very quantitative approach toward reviewing the business, both at the individual account and the total book portfolio level, to ensure we're producing underwriting profits across the book. Our attention-to-detail mindset pays out in transparency and accountability in everything we do," says Steve Math, President and CEO Specialty Comp. "We take measures to ensure no loopholes exist for fraudsters and bad actors to act upon."

The firm closely works with carriers to mitigate payroll, claimant, and provider fraud, proactively limiting bad actors from exploiting workers' compensation. Team Specialty Comp performs a triage process where it analyzes every claim and near-misses to gain valuable insights for enhancing safety measures and preempting possibilities of future occurrences. This proactive stance to risk management reduces loss frequency and severity, lowers premiums over the long haul, creates a safer workplace, and improves overall business stability for the insured.

Exceptional customer service, employee satisfaction, and efficient and effective business processes constitute the driving force behind Specialty Comp. At present, the team handles 20 accounts with over 100 million dollars in active annual premiums. Since its inception, they have underwritten in excess of a billion dollars for top-A-rated insurance carriers. This success stems from the firm's entrepreneurial work culture that encourages community, creativity, and innovation. Its employees have the freedom to take risks and think outside the box, knowing their contributions are valued. This mindset, combined with expertise and trust, cultivates an environment where innovative solutions come to life.