A Huge Leap In Savings
TalentBurst is a leading IT Staffing and High Hazard payroll provider. The variance among job descriptions makes properly classifying workers compensation codes very difficult. Often times, TalentBurst found themselves facing $125,000 audits because an efficient metric to properly classify their workers wasn’t available.
In late 2017, TalentBurst partnered with Insurnt. We processed all of TalentBurst’s insurance policies into our system and began analyzing thousands of class codes. Insurnt uses our proprietary software to demystify ambiguous codes and reallocate workers to more appropriate workers compensation codes. Within 4 weeks of partnering with Insurnt — TalentBurst had 300 workers corrected, resulting in a savings of $60,000.
In mid 2017, TalentBurst received an audit adjustment of $82,000 in additional premium. After switching to Insurnt, their 2018 audit resulted in a $2000 increase in premium.
The INSURNT approach
TalentBurst utilized Insurnt’s tool to properly price their services. Workers compensation rates vary by state and many times, staffing companies charge a single rate for all states they work in. Once TalentBurst received their final analysis, they realized that their California worker’s compensation rates were much higher than other states and changed their California pricing to increase revenue.
Insurnt isn’t a one-size-fits-all approach, we customize our product based on your workforce. TalentBurst has a wide range of class codes that are in the IT space. Many times, these workers are misclassified as 8810 or clerical employees. In most situations, IT professionals should be classified as 8803 as this code more accurately depicts the job description of an IT employee.
Worker’s Compensation is one of the largest costs Staffing companies must include in their pricing model. Insurnt clarifies workers compensation costs by state, by class code and by employee so your company can make informed decisions to increase revenue.