Idaho Latest to Accept NCCI Rate Cut

October 11, 2024

 

Idaho Joins Roster of States Reducing WC Rates

  • The Idaho Department of Insurance has accepted the National Council on Compensation Insurance (NCCI) rate filing for an overall average 6.7% reduction in workers’ compensation rates, the eighth consecutive year of decreases.
  • The decrease takes effect on Jan. 1, 2025.
  • “This is another significant decrease to workers’ compensation rates. Rates have been on a downward trend for 10 out of the past 11 years; eight of those years consecutively,” said DOI Director Dean L. Cameron. “The decrease in the 2025 workers’ compensation rates reflects continued improvement in our state’s projected claims costs and overall downward trend in frequency of claims.
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Minnesota Cities Trust Revives WC Dividend, Cuts Rates 

  • The League of Minnesota Cities Insurance Trust (LMCIT) said that for the first time since 2012, its workers’ compensation program will return individual dividends to members, totaling $5 million. 
  • LMCIT is a self-insured member cooperative that provides coverage to cities statewide.
  • Members will receive dividend checks in mid-to-late December.
  • The organization will also decrease overall average rates by 20% for its WC program.
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Workers’ Compensation Document Startup Stream Raises More Than $5 Million

  • Stream Claims,  an insurance startup offering an AI-powered medical document review solution for workers’ comp, has raised a $5.3 million seed round led by Spark Capital.
  • The two-year-old Stream’s platform helps clients process medical records and extract insights.
  • It offers three products: Chrono, a document processing platform where users can upload medical records, segment documents, and review AI-generated summaries; Chrono-plus, which provides medical chronologies and summaries from user-uploaded PDFs, and Sift, which detects and removes redundant information.
  • Spark Capital’s Dan Quan said “what sets Stream apart is its laser focus on WC,” which he described as “a massive $50B market burdened with 25% administrative overhead according to McKinsey.”
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