Opening Session at NCCI Annual Issues Symposium
The 2019 NCCI Annual Issues Symposium was kicked off by NCCI President and CEO Bill Donnell.
Behind every workplace injury is a person. In the workers’ compensation industry this is something that we always need to keep in mind in everything we do.
Based on surveys of NCCI members, their top concerns for the future of workers’ compensation are:
- Market dynamics – We are in an unprecedented run of positive results in terms of the profitability of the workers’ compensation line. Because of better data and analytics, we have access to better information than ever before. This access to better and faster information should help to diminish large swings in the marketplace.
- Changing workforce – The demographics of the workforce are changing. A recent study by NCCI showed that the number of workers over age 55 has more than doubled since 1997. The gender mix remains stable. Jobs are growing more service sector jobs than other areas. The NCCI study showed that the significant decreases in frequency that is being seen crosses all demographic and job categories.
- Regulatory landscape – There is a desire for stability from the regulatory side as regulatory changes could very quickly change the workers’ compensation landscape.
The one word that Bill used to describe the workers’ compensation industry is “DELIVERING”. We are delivering on our promise to injured workers to provide them with outstanding medical care and indemnity benefits to assist them in recovering from workplace injuries.