Cited by Industry as Workers Compensation’s Premier Conference
(Boca Raton, FL, May 18, 2017)—The National Council on Compensation Insurance (NCCI) is holding its Annual Issues Symposium (AIS)—The System@Work May 17–19, in Orlando, FL.
This year's event opened with NCCI President and CEO Bill Donnell, CPCU, emphasizing the importance of staying relevant during times of constant change. The 900-plus attendees heard him speak of the evolving workplace, new technologies, and industry disruptors. He emphasized strategies for the workers compensation industry to remain relevant by ensuring a healthy and balanced system for workers and employers alike.
As is tradition with NCCI CEOs at AIS, Donnell revealed this year's word—Adapting—to describe the path forward for the workers compensation industry to successfully advance in today's change-driven environment.
"The workers compensation system remains as relevant today as it did more than 100 years ago because throughout its history it has successfully adapted," Donnell said.
Donnell shared key indicators of industry results. Preliminary 2016 private carrier net written premium increased to $40.1 billion, and the preliminary 2016 pretax operating gain percentage is 18%.
"At NCCI, it is our mission to foster a healthy workers compensation system," he continued. "We provide data, insights, tools, and services as a source that stakeholders can trust in the industry. To expand on the value we deliver, we are in the process of undertaking new research to even further benefit our stakeholders."
Donnell concluded his address with a call to action, focused on communicating the industry's many successes, expanding Thought Leadership, embracing emerging industry trends, and picking up the pace to enable the industry to remain "real-time relevant"—all the while retaining the system's delicate balance.
Following Donnell's remarks, Kathy Antonello, FCAS, FSA, MAAA, NCCI's chief actuary, delivered the company's highly anticipated State of the Line Report, which gave the audience a detailed description of 2016 industry results, market indicators, trends, and 2017 insights.
"The workers compensation underwriting results for 2016 were very strong, especially relative to other property and casualty lines of business," Antonello said. "A decline in frequency, paired with increases in indemnity and medical severity, contributed to a preliminary combined ratio of 94%. While faced with continued, historically low interest rates, the industry seems to be responding with diligence on the underwriting side."
Other speakers and topics at this year's symposium include:
- Lesley Stahl, Legendary Broadcast Journalist and Co-Editor of 60 Minutes, sharing her perspective on critical issues of the day.
- Kurt Karl, PhD, Chief Economist, Swiss Re, with his view of how the US economy is affecting financial services, insurers, and workers compensation stakeholders.
- Jonathan Haidt, PhD, Professor of Ethical Leadership, NYU Stern School of Business and author of New York Times best seller, The Righteous Mind: Why Good People Are Divided by Politics and Religion, bringing his views on business, leadership, and ethics to this unique session.
- Roberto Ceniceros, Senior Editor, Risk & Insurance magazine, moderating a panel including Charles M. Chamness, President and CEO, NAMIC; Sean Kevelighan, CEO, III; and Leigh Ann Pusey, President and CEO, AIA, addressing the wide range of topics facing their associations, the constituents they serve, and the issues they have in common.
- Susan L. Donegan, JD, LL.M., Chief Regulatory Officer for NCCI, moderating a point/counterpoint session with Robert P. Hartwig, PhD, CPCU, Associate Professor of Finance, Darla Moore School of Business, University of South Carolina, and Peter Kochenburger, JD, Associate Clinical Professor of Law, University of Connecticut School of Law. These experts offer their distinct views and insights by debating key issues impacting the health of the workers compensation system, as well as staking out their positions on how well our industry is serving the injured worker.
- David Hollander, Global Insurance Advisory Lead, EY, sharing his insight into market conditions and the latest trends in insurance technology, including "InsurTech."
- Barry Lipton, FCAS, MAAA, Practice Leader and Senior Actuary, NCCI, and Alex Swedlow, President, California Workers' Compensation Institute (CWCI), leveraging the latest analysis from NCCI and CWCI to shed light on the drivers of medical costs in the workers compensation system.
Also during the event, NCCI is highlighting its partnership with Kids' Chance of America, which provides scholarships to give children of injured workers a chance to pursue their educational goals. It operates in 36 states, making a significant difference in the lives of children affected by a workplace injury.
Join the conference conversation by following us on Twitter @NCCI. The official AIS 2017 hashtag is #ncciAIS.
For information on NCCI, AIS, and the State of Line Report please visit ncci.com.
Founded in 1923, the mission of the National Council on Compensation Insurance (NCCI) is to foster a healthy workers compensation system. In pursuit of this mission, NCCI gathers data, analyzes industry trends, and prepares objective insurance rate and loss cost recommendations. These activities—together with research, analytical services and tools, and an overall commitment to excellence—have positioned NCCI as the trusted source for workers compensation information. To learn more about NCCI, please visit ncci.com.