Industry Custom Pricing

WCB-Alberta has worked with industry stakeholders to develop a new pricing option that preserves the core pricing principles of fairness, accountability and collective liability. The result is a new program, Industry Custom Pricing (ICP).

ICP is a voluntary, flexible pricing option that allows industries to customize various features of WCB-Alberta’s pricing program in accordance with their risk tolerance and preferences. The intent of ICP is to offer flexibility while strengthening accountability by more closely reflecting individual claims performance within our collective liability insurance model.

Features from the standard Performance Pricing model that can be customized with ICP include:

1. Maximum discounts and surcharges can be increased to 60%.
2. Experience ratio can be changed allowing more experience to be recognized.
3. Participation factor and participation rates can be changed to allow greater opportunities for bigger discounts or surcharges.
4. Costs used to measure performance can be changed so employers can impact their industry premium rates. An industry can select to no longer pay the cost relief levy if it no longer uses this feature on claims with pre-existing conditions.

ICP can be implemented if the majority of the industry agrees to the changes from the base Performance Pricing programs. Industries are able to take greater control of the premiums they pay by making choices on the features of ICP.

Additional Resources

ICP questions and answers (pdf, 44KB)
ICP fact sheet (pdf, 205KB)
ICP experience rating option (pdf, 250KB)
Industry Custom Pricing online reports (pdf, 250KB)
Industry custom pricing polling process (pdf, 199KB)

Participating industries (pdf, 383KB)

For more information please contact the Underwriting team at 780-498-7936 or ICP@wcb.ab.ca.