RTW, Inc., a provider of products and services to cost-effectively manage workers’ compensation programs for customers, has been awarded a three-year contract with the Minnesota Assigned Risk Plan (Plan).
Under the terms of the contract, RTW will provide policy issuance and claims management services to twenty-five percent (25%) of the Plan policyholders on a fee-for-service basis. The contract also has a mutual two-year extension provision.
Under the contract, RTW will provide its proprietary claims management products and services, ID15 and RTW Solution, along with statutory claims management services to reduce the Plan’s workers’ compensation costs. The Minnesota Assigned Risk Plan provides workers’ comp coverage for approximately 42,000 Minnesota employers that have been unable to secure workers’ comp coverage through the voluntary insurance market.
According to Jeffrey Murphy, RTW’s president and CEO, “We are especially pleased to have written this new business in our home state. Under the contract, we will manage approximately 10,000 policies in the aggregate generating about 2,000 claims on an annual basis. This opportunity provides a concrete example of the capabilities of RTW and the breadth of new market opportunities that our fee-for-service business can address.”
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