The Massachusetts High Technology Self-Insurance Group was developed in 1994 to assist companies in the high technology industry with workers’ compensation costs while improving workplace safety. The Group’s interest is in safety, helping keep claims down, and returning dividends to you.
Performance – The Mass. High Tech SIG is the top performing self-insurance group in Massachusetts. Since its inception members have saved more than $7 million in lower workers’ compensation costs. The sample below uses real data.
- Success is due to the Group’s ability to reduce injuries. The Group has generated a 30 percent Loss Ratio and an average Experience Modification of .88 over the past five years.
Success is due to the Group’s ability to aggressively manage its claims. All claims prior to 2003 are closed. Ninety-six percent of all claims since 2003 are closed and the Average Cost per Claim has been reduced from $3,746 to $2,992.
Success is due to the Group’s ability to control expenses. Operating Expenses average in the low 20 percent range, or about one-third less than the Expense Ratios of the major insurers.
Results – Member companies have received more than $5.4 million in dividends with an additional $1.6 million scheduled to be returned to members according to the Division of Insurance regulations.
Since the program is only open to members of the Council, you will be part of a group that shares common goals and demographics.