Working with Benchmarking Reports

Working with Benchmarking* Reports in Mod Advisor

*This feature may not be available with your current subscription. Please contact sales@modadvisor.com for more information.

The Benchmarking Reports feature in Mod Advisor allows you to compare an account’s performance against Mod Advisor’s dataset or your agency’s accounts. These reports help identify how a client or prospect ranks against peers in their industry and provide actionable insights for risk management and sales presentations.

Enabling Benchmarking Reports

Benchmarking reports will only appear if:

1. Your subscription type allows for it.
2. The file type is set to Primary (from an imported experience rating worksheet or a manually selected file marked as primary).
3. A governing class code (and corresponding NAICS code) is mapped to the account.

Mapping Class Codes for Benchmarking

1. Go to the Classification Tab within the account.
2. Verify or update the Governing Class Code and select the appropriate business description from the dropdown.
3. Mod Advisor will automatically link the class code to the correct NAICS code.
4. Click Refresh to populate and activate benchmarking for the account.

Viewing Benchmarking Reports

1. Go to the Reports tab.
2. Choose Benchmarking Reports (available for primary files only).
3. The report includes:
• Mod Comparison: Current mod, controllable mod, and minimum mod compared to peers.
• Peer Ranking: How the account ranks within its industry group.
• Payroll Benchmarking: Compares governing payroll against similar businesses.
• Actual vs. Expected Losses: Visualizes how claims compare to expected benchmarks.
• Medical-Only vs. Indemnity Trends: Benchmarks against both Mod Advisor data and NCCI averages.

Benchmarking Dashboard (Agency-Level)

Accessible from the Intelligence Tab, this dashboard allows you to view benchmarking insights across your entire book of business:

• Filter by industry (NAICS code), state, or timeframe.
• View key metrics:
• Mod score distributions across your accounts.
• Losses per $100 of payroll (expected vs. incurred).
• Average claim counts, severities, and medical vs. indemnity breakdowns.
• Industry-specific benchmarking across all agency accounts.

You can also:

• Export data to Excel for further analysis or internal presentations.
• Drill down into specific segments (e.g., food manufacturing or contractors) to focus on niche markets.

Key Use Cases

• Client Presentations: Demonstrate how a client compares to their peers and provide context for premium changes or renewal discussions.
• Prospecting: Use benchmarking insights to identify underperforming prospects and present actionable improvement strategies.
• Internal Strategy: Analyze your agency’s book of business by industry, state, or risk profile to guide marketing and service efforts.

Benchmarking Insights Provided

1. Mod Score Distribution: Compare client mod scores against peer ranges.
2. Payroll Benchmarks: View where your client’s payroll sits relative to the industry.
3. Loss Ratios: Compare actual vs. expected losses to peers and NCCI standards.
4. Claim Cost Benchmarks:
• Average medical-only claim costs (client vs. Mod Advisor dataset vs. NCCI).
• Average indemnity claim costs.
5. Claim Frequency: Percentage of medical-only vs. indemnity claims relative to benchmarks.

Classification Tab for Deeper Analysis

The Classification Tab shows how Mod Advisor maps class codes into NAICS groups:

• Filter by industry and state to see all payroll class codes in that category.
• Understand how classification impacts benchmarking and comparisons.

Best Practices

• Always mark the correct file as Primary to unlock benchmarking.
• Verify and map class codes for accurate NAICS alignment.
• Use benchmarking visuals to:
• Explain premium increases.
• Highlight risk management gaps.
• Support competitive differentiation in proposals.

Export reports for client-ready presentations or internal planning.

 

Here is a video.