What Does National Council on Compensation Insurance (NCCI) Mean?
The National Council on Compensation Insurance (NCCI) is a national organization that analyzes and provides information about worker's compensation insurance. The NCCI sells this information to insurance companies who are looking for key insights to help their business models.
Insuranceopedia Explains National Council on Compensation Insurance (NCCI)
The NCCI provides information about rating and lost cost recommendations, statistical data about premiums and exposure units, and other helpful insights.
Many companies use the services provided by the NCCI because it can give them a competitive advantage in the worker's compensation insurance market. Worker's compensation claims can be very expensive because they have to make up for the lost income that workers would otherwise receive. The key insights acquired from NCCI is very valuable to insurers because it can help them, for instance, better price their premiums to ensure profitability.