WSTIP utilizes an independent actuary firm, PricewaterhouseCoopers (PwC) to review claims reserves and establish rates for coverage. We have been fortunate to have Kevin Wick and Steve Higgins as our actuaries for many years. They understand our business, our Members and our desire for financial adequacy. Kevin, Steve and the PwC team recompute the cost of WSTIP's claims liabilities using a variety of actuarial and statistical techniques to produce current estimates that reflect recent settlements, claim frequency, and other economic and social factors. Understanding all the interworkings of the actualrial reports can take time, years even. To keep things simple, Kevin and Steve do four really important things for us:
By preventing losses and controlling the cost after accidents, we can keep our rates stable and harness our reserves to move further away from the commercial insurance market.