Opening Remarks—Stronger Together
Bill Donnell, CPCU
President and Chief Executive Officer, NCCI
NCCI President and CEO Bill Donnell opened
Annual Issues Symposium 2021 reflecting on the challenges of the pandemic and encouraged the workers compensation system to evolve to meet the needs of injured workers.
Donnell said that the pandemic taught us to be careful not to make assumptions about the future. So NCCI took a fresh approach to its own strategic planning to challenge its assumptions. NCCI looked at potential game-changing forces like emerging technology that could alter ratemaking and potential shifts in healthcare financing.
Designed to improve how it serves the workers compensation industry, NCCI’s new plan maintains a strong, healthy system that supports injured workers effectively.
Key Takeaways
- COVID-19 was not the claims event that the industry feared. While premiums declined substantially, the combined ratio, reserve position, and residual market metrics showed that the workers compensation system is resilient and strong.
- NCCI provided important support for the workers compensation system that included research, insights, and new tools that support a healthy system.
- NCCI and the workers compensation system remain stronger than ever, despite the uncertainty and stresses of the pandemic.
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