A future mod projects what the account's next experience mod will be, so you can start renewal conversations before the bureau releases it. Mod Advisor builds it from an existing mod file in a few clicks.
Create a future mod
On the dashboard, find the mod file you want to project from.
Open the Actions menu and select Future Mod (the icon with two right-pointing arrows).
Choose one of the three options below.
Confirm. The new future mod appears on the dashboard and on the ModWatch chart.
Which option to choose
Option 1: advances the rating effective date by one year and leaves everything else as is.
Option 2: advances the rating effective date by one year and adds a new policy period, copying the most recent payroll codes and amounts.
Option 3 (most common): advances the rating effective date by one year, adds a new policy period with the most recent payroll codes and amounts, and drops the oldest policy period. The new period's claims screen is left empty for you to fill in.
Option 4: This option is especially useful when you have a complex account with many short term policies such as WRAP policies or OCIP's. Because these policies are a one shot policy and may not exist in a future mod, you can choose whether you want to bring them forward into a future file or not. Mod Advisor instantly identifies continuous 12 month policies and separates out short term policies and flags any short term policy with more than $100,000 of payroll that may be continuing. You can easily select which policy periods to more forward and which to leave out of the modeling.
Option 3 needs the least data entry because it mirrors how the bureau rolls the experience period forward but for technical accuracy you will want to update the new payroll from the most recent audit.
After you create it
Update payroll for the new period if you have audited figures.
Add the newest claims on the Claims screen, or import a loss run.
Review the Results tab to see the projected mod.
Good to know
Future mods get the Future file type, so they don't feed benchmarking or the Executive Summary.
When the bureau releases the official mod, import the worksheet as the Primary file, or change the future mod's file type to Primary.
Here is a how to video.