Are Your Seat Belts Fastened for Workers’ Comp in 2016?
Since earlier this year when we heard Steve Klingel, CEO of NCCI, describe Workers’ Comp as “Calm now…but turbulence ahead,” my colleagues and I often reflect on his comments and what we can do to help our clients prepare for this eventuality. We recently asked Michael Shor, M.P.H., Managing Director of the Best Doctors Occupational Health Institute in Massachusetts, to expand upon this thought.
In the article, Mike highlights the questions that many of us who either write Workers’ Comp, work with Injured Workers and/or study the trends that have an impact on this line of business, may be asking ourselves in 2016. Now is a good time to pose the questions - before the “turbulence” can affect our books of business.
Mike’s article expands on the nature of true medical expertise and the need for specialization within a Workers’ Comp organization. While you may find a few areas provocative, you will walk away with many ideas to ponder prior to January, which may just put you ahead of your competitors.
In a different article earlier this year, The Value of Collaboration in Addressing the Medication Trends That Shape the WC Industry, we talked about Workers’ Comp insurers beginning to explore offering Wellness programs with their insureds. Sure enough, Pinnacol, the State Fund of Colorado, has released articles about the success of its Wellness program.1 AIM Mutual is a leader in this area as well, and Texas Mutual has also described its plans to grow in this area.
Can this be a key differentiator for distinguishing what you offer? Is it necessary to address how to credit for these services? We might want to challenge ourselves and our insureds to have a deeper conversation and understanding of the overall impact this could have organizationally and financially.
We wish our clients the best of luck in the year ahead, and any of us at Gen Re would be happy to provide assistance along the way.