The vendor is required to provide for provide professional workers’ compensation services for actuarial services.
- Protecting the rights of employees and employers by ensuring the proper delivery of benefits and by promoting compliance with the law, including the provisions relating to workers’ compensation benefits (WC), disability benefits (DB), volunteer firefighters’ benefits, and volunteer ambulance workers’ benefits.
- Workers’ compensation benefits provide weekly cash payments and the cost of full medical treatment, including rehabilitation, for covered employees who become disabled because of a disease or injury connected with their employment. benefits may also be paid to qualified dependents of workers who died because of their compensable injury or illness.
- The selected vendors will be responsible for providing actuarial services, as further, on an on-call or as-needed basis.
- The individual requests for services may involve any self-insurer, fund, and/or group of workers’ compensations, volunteer firefighter benefits, volunteer ambulance worker benefits, disability benefits, or paid family leave benefits claims (hereinafter “claims”) managed or overseen by the board, or by a third-party administrator under contract with the board, that the board wishes to have reviewed, in whole or in part.
- The nature of the services requested will be on an as-needed basis.
- These services may include, but may not be limited to:
• Actuarial review or actuarial consultation for any self-insurer, fund or group of claims.
• This may include but not be limited to a certified actuarial report, actuarial review of submitted self-insured documents, or consultation on any actuarial issue.
- These reports and findings may be used for litigation purposes.
- The board is not seeking a vendor to recruit and contract with temporary staff or independent contractors for the provision of these services.
- Workers’ compensation actuarial services tasks
• Evaluate the adequacy of actuarial rate filings;
• Analyze vendor responses to assumption of liability policy proposals;
• Provide an independent evaluation on claims exposure and make recommendations to minimize total risk on any fund or group of claims;
• Develop analytics, modeling, or implementation of any existing or new initiative;
• Develop diagnostic tools to be used for evaluation of compliance with actuarial guidelines issued by the self-insured program;
• Determine the reserve adequacy on a group of claims including, but not limited to, the reserves of self-insured employers.
• This will include, but may not be limited to, the performance of an analysis of approximately 100 self-insured employer actuarial reports within a 3-month timeframe on an annual basis; and
• Provide status updates, as outlined in each status updates shall be bi-weekly, at a minimum, unless the board agrees that less frequent updates are sufficient to meet the requirements of the individual assignment.
- Contract Period/Term: 5 years
- Questions/Inquires Deadline: May 16, 2025