Changing Workforce, Profitability Among Top Carrier Concerns

Thursday, January 17, 2019 | 0

A changing workforce and maintaining profits are among top concerns expressed by insurance executives interviewed by the National Council on Compensation Insurance in its annual Focus on 5 survey, conducted last September.

Bill Donnell

NCCI said concerns about new and changing risks associated with the aging workforce, unskilled workers and independent contractors were among the issues that keep insurer executives up at night. Insurers are responding through underwriting and analytics, developing new products and reaching out with employer education programs to promote safe workplaces.

Maintaining profitability was second on the list of top five concerns. Insurers are seeking opportunities to develop new products and new markets, NCCI said. Others are putting tighter controls on expenses and seeking to use technology to improve efficiency.

The other top concerns:

• Medical costs, advances and determining appropriate care.
• The political, regulatory, legislative and legal environment.
• The future of the workers’ compensation industry.

NCCI said it polled senior executives at more than 100 insurance carriers for the survey. 

"We place a great deal of value on the feedback we get from industry executives," said NCCI President and CEO Bill Donnell. "In turn, we will use our Focus on 5 to provide our industry stakeholders with the research and insights they need to navigate a complex workers' compensation environment."