5
Feb
NEER Rate Group Challenge

NEER Rate Group Challenge

As part of a proactive review by EKG we identified a major manufacturer of bearings was classified in a different WSIB rate group than its competitors. This represented a significant financial disadvantage. EKG researched all competitors in the the marketplace, obtaining their specific rate groups, NIAC codes, and other critical data. From this research a position paper prepared and presented to WSIB outlining the inequities in the specific industrial group and requested a reclassification for the client within their appropriate rate group.

The client was granted a rate group change reducing their rate by $1.08/$100 of labour. An immediate annual savings of approximately $76,000 per year, and a rebate of $164,000 on previous premiums and NEER calculations.